COVID-19: Federal govt to inject N2trillion stimulus into Nigerian economy

COVID-19: Federal govt to inject N2trillion stimulus into Nigerian economy

- The federal government is already planning for life after the COVIS-19 pandemic

- The government is set to inject about N2 trillion stimulus into the economy

- This was revealed by the minister of state for budget and national planning, Prince Clem Agba

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The Nigerian government is planning to inject about N2 trillion stimulus into the economy in response to the COVID-19 pandemic and the fall in oil prices.

This was revealed by the minister of state for budget and national planning, Prince Clem Agba on Tuesday, May 5 at a webinar.

COVID-19: Federal govt to inject N2trillion stimulus into Nigerian economy

The Buhari-led government plans to inject N2trillion stimulus into the Nigerian economy. Photo credit: Bayo Omoboriowo
Source: Twitter

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His words: “When everything is put together, both government funding and the funds we are expected to get from the Central Bank of Nigeria (CBN), Banks of Industry and other multilateral agencies and grants that we are receiving, we expect to get a stimulus of about N2 trillion going into the economy.

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“We are also looking at how to support the aviation sector. Like you know, a lot of planes are parked and this is causing almost N21 billion (loss) on a monthly basis. We are looking at how to provide some form of bailout support to ensure that the industry doesn’t die.

“Of the $2.5 billion facilities from the World Bank, about $1 billion of it will be going to the states as loans. These are concessionary loans. Mr President has already approved N850 billion loan from the domestic capital market.”

Meanwhile, leading civil society organisations in Nigeria have urged the federal government to ensure transparency in the use of the International Monetary Fund’s (IMF) financial assistance to fight the COVID-19 pandemic and shore up the country’s failing economy.

Recall that the board of the IMF recently approved the sum of $3.4billion to support Nigeria.

The grant to Nigeria, called Rapid Financing Instrument (RFI), is the highest so far to any member country.

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The civil society groups in a statement sent to journalists on Monday, May 4 urged the Nigerian government to prioritize and utilise the funds to improve health spending, socio-economic safety nets and support for small and medium scale enterprises.

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