- President Buhari has expressed the confidence that the economy would bounce back strongly
- The president made the statement at the 13th annual banking and finance conference in Abuja
- Buhari said the government has taken measures to mitigate the impact of the COVID-19 pandemic on key necessities
Despite the uncertainties created by the COVID-19 pandemic, President Muhammadu Buhari has expressed the confidence that the Nigerian economy would bounce back strongly.
The president on Tuesday, September 15, at the 13th annual banking and finance conference in Abuja said his administration has implemented policies that would address the challenges caused by the pandemic, The Guardian reported.
Buhari, who was represented at the occasion by the minister of finance and national planning, Zainab Ahmed stated that the government has taken measures to mitigate the impact of the pandemic on key necessities.
“So far, government has implemented a wide range of fiscal, prudential and monetary measures that squarely address four key necessities to ensure sufficient liquidity to support government programmes for saving lives and livelihoods, maintain stability of the financial system, ensure continued delivery of financial services to the public and shore up confidence, and cushion economic activities,’’ the president said through the minister of finance.
He stated that businesses are getting back to the pre-pandemic level following the current partial lifting of the lockdown.
Meanwhile, President Buhari on Tuesday, September 15, finally lifted the lid on why his government resorted to borrowing.
The Nigerian leader, during a virtual meeting with members of the Presidential Economic Advisory Council (PEAC), said the need to build infrastructure and attract investments has made him take loans.
He said his government took loans in order to address some infrastructural deficit. The president also maintained that agriculture is the only solution to the problem of unemployment among the teeming legion of Nigerian youth.
In other news, the federal government has explained its decision to fully remove subsidy from petrol, saying the country stands to rake in over N1 trillion annually from the initiative.
Minister of state for petroleum resources, Chief Timipre Sylva, made the comment on Thursday, September 10, while speaking to select journalists in Abuja.
According to him, the funds would be deployed to fund other critical components of the economy.
COVID-19: Nigerians speak on effects of ease of lockdown| Legit TV