- The Buhari administration kick-started 7 major initiatives to cushion the effects of the COVID-19 pandemic on Nigerians and Nigerian businesses
- So far, progress has been made in ensuring that the initiatives reach citizens and enterprises across the country
- The initiatives tagged Economic Sustainability Plan are mostly coordinated by the office of the vice president
The federal government is taking stock of its initiatives aimed at cushioning the effects of the COVID-19 pandemic on Nigerians and Nigerian businesses.
A statement sent to Legit.ng by Laolu Akande, the spokesman of Vice President Yemi Osinbajo indicates that ministers and heads of agencies are reporting further progress in the implementation of the Economic Sustainability Plan (ESP) of the Buhari Administration.
The statement further revealed that VP Osinbajo, SAN, presided over a meeting of the Economic Sustainability Committee on Monday, January 8 at the Presidential Villa.
Legit.ng lists the 7 major stimulus packages of the Buhari administration
1. Federal government prevented retrenchment in the private sector
2. Over 5million farmers were enumerated
3. 30,000 N-power exited beneficiaries hired as agric enumerators
4. About one million already received federal government’s cash under the Survival Fund and the Central Bank of Nigeria (CBN) intervention
5. 3,200 hectares being cleared for farming
6. 344km roads under construction to link 500 markets
7. Broadband penetrat*ion now 45%
Meanwhile, highlights of the reports presented to the committee include the release of N37billion for the Survival Fund covering such schemes like N50,000 Payroll Support for three months to over 300,000 beneficiaries, one-time grants of N30,000 to about 100,000 artisans, and 100,000 business name registrations paid for by the federal government.
While the minister of state for industry, trade, and investment Ambassador Mariam Katagum reported the progress of the Survival Fund to the committee, the CBN governor, Godwin Emefiele also reported on the bank’s interventions.
It includes disbursement of over N192billion for household/MSMEs grants to 426,000 beneficiaries across the country, with plans to do over N100billion more in that category named Targeted Credit Facility.
Emefiele also disclosed that under the collateral-free Agric-Business/Small & Medium Enterprise Investment Scheme, there are ongoing grants of concessionary loans from between N150,000 to N2.5million.
In that category, the apex bank chief further disclosed that over N106billion has been disbursed so far to over 27,000 beneficiaries.
In the Agric sector, agriculture and rural development minister, Alhaji Sabo Nanono also reported that under the ESP, a total of 5.4million farmers have now been enumerated to get the support under the plan.
He added that for the enumeration which involved geospatial tagging, almost 73,000 N-Power volunteers were trained and 30,000 of them deployed to 774 local government areas.
For the purposes of funding through the CBN, the minister disclosed that 2.9million of the farmers have had their BVN enrollment validated.
Others who briefed the committee included the labour, employment and productivity minister; Dr Chris Ngige, and his minister of state colleague; Mr Festus Keyamo, SAN, the minister of communications and digital economy; Dr Isa Pantami and the works and housing minister; Babatunde Fashola.
Other presentations were made on the Rapid Response Register launched recently by the vice president and the Social Housing Scheme of the ESP.
Recall that the federal government recently announced that the Nigeria Youth Investment Fund (NYIF), being implemented by the ministry of sports and youth development has successfully completed its pilot disbursement of loans totalling N165,700,000 to 239 beneficiaries.
The government also revealed that it has processed over three million applications so far received from youths interested in the initiative.
Legit.ng had earlier reported that the CBN has started partnering with government at all levels and the private sector to provide sophisticated health facilities in the country to address the healthcare needs of Nigerians.
Emefiele said that such intervention had become necessary in view of the widening gap in the health service provision due to poor medical facilities across the nation, adding that it was also in response to challenges posed by the COVID-19 pandemic.