- The federal government has constituted a committee as it considers reopening the country’s economy
- The committee was constituted by Vice President Yemi Osinbajo at a virtual meeting on Thursday, May 21
- The committee is to be led by Governor Ifeanyi Okowa of Delta state
The federal government has begun plans to reopen the Nigerian economy by constituting a committee tasked with managing how to effectively and efficiently reopen the economy.
The committee was constituted by Vice President Yemi Osinbajo at a virtual National Economic Council (NEC) meeting on Thursday, May 21.
The vice president’s spokesperson, Laolu Akande, in a press release, disclosed that NEC plans to ensure that there is a synergy between the federal government and sub-nationals regarding the reopening o the economy after the lockdowns and shutdowns across the country.
The committee which is to be led by Governor Ifeanyi Okowa of Delta state is expected to collaborate with the presidential task force on COVID-19 and states governments.
Meanwhile, the finance minister, Zainab Ahmed, has said Nigeria’s economy will go into a recession based on the current assessment by the Nigeria Bureau of Statistics (NBS).
Ahmed told journalists shortly after the national economic council meeting in Abuja on Thursday, May 21, that the current data shows that the economy will go into a recession at an average of -4.4 per %.
The minister noted that the federal government was trying to reduce the impact of the recession on Nigerians through stimulus packages.
She said the economic team is making efforts to ensure that the recession is shallow so that the country can quickly come out of it in 2021. The last time Nigeria entered a recession was in 2016.
A country’s economy goes into recession when its Gross Domestic Product (GDP) reduces for two consecutive quarters.
In another report, the presidency has released a list of measures President Muhammadu Buhari has taken, and will further take, to make life abundant for Nigerians after coronavirus ends.
This was contained in a statement released by the special adviser to the president on media and publicity, Femi Adesina, on Thursday, May 14.
Legit.ng gathered that economic teams to be headed by Vice President Yemi Osinbajo and the Ministry of Finance have been put in place by the president to define Nigeria’s economy post-COVID-19.
Still on economy, the minister of finance, budget and national planning, Zainab Ahmed said the federal government is almost concluding plans to effect a downward review of oil benchmark to $20 per barrel. Zainab, according to Reuters, made this known during an online conference.
She added that this is a drop from the earlier benchmark $57 per barrel.
The minister also announced that the government is planning to cut oil production to 1.7 million barrels per day (mbpd), against the 2.1 mbpd contained in the 2020 budget. Other issues discussed at the conference were plans to defer debt service pending when there is an improvement in macro conditions.
Also, a look was taken into the possibility of dropping the estimated net oil and gas revenue available for the Federation Account Allocation Committee (FAAC) distribution by 80%.
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