FG’s COVID-19 Stimulus Package Has Been Helpful, Says Osinbajo

FG’s COVID-19 Stimulus Package Has Been Helpful, Says Osinbajo

  • Vice President Yemi Osinbajo says over 2million jobs have been saved and created within the COVID-19 period
  • According to Osinbajo, this was made possible because the federal government released 100% budget component of stimulus funds
  • The vice president noted that 1. 3million jobs retained, 36 states received N50billion while over 6 million farmers were enumerated to be supported

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FCT, Abuja - Vice President Professor Yemi Osinbajo, SAN, on Monday, July 5 declared that the federal government's COVID-19 stimulus package has been helpful so far.

Professor Osinbajo made the comment at a virtual meeting of the Economic Sustainability Plan (ESP) committee measuring the implementation of the stimulus so far.

The vice president said the Nigerian economy did not degenerate as feared, adding that at least over 2 million jobs have been both created and saved with the implementation of the ESP.

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Osinbajo
VP Osinbajo says he is satisfied with the Economic Sustainability Plan. Photo credit: Sodiq Adelakun/AFP
Source: Getty Images

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Ensuring economic shortages in the economy does not occur

Professor Osinbajo further said the 100% release of funds appropriated in the budget for the programme was commendable and urged the Central Bank of Nigeria (CBN) to expedite action on the release of funding components of the ESP that are dependent on financing from the bank.

A statement sent to Legit.ng by the spokesman of the vice president, Laolu Akande, quoted Osinbajo as saying:

“I know that if we were able to infuse N2.3 trillion into the Nigerian economy, we will not have the employment figures that we have today, we will not have the problems that we have today, they will be significantly reduced.
“Even with what we are able to do with the budget, growth figures at least indicate that things have not degenerated as badly as many had thought.

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“So, you can imagine what we could have done if we were able to fully implement what we thought we would be able to implement. Unfortunately, this hasn't been the case.
“We hope that in the next couple of weeks, we will be able to get some good response on more funds that we expect to get from the CBN which will help us to make some progress on the implementation.”

Efforts to reduce poverty as a long term plan

Earlier this year, VP Osinbajo stated that the Buhari administration’s vision to lift at least 20 million Nigerians out of poverty in the next two years is now close at hand.

Professor Osinbajo stated this on Tuesday, January 19 in Abuja during the virtual flag-off of a cash transfer scheme initiated by the federal government, adding that the programme will help the government achieve its aspiration.

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Around the same period, the federal government commenced N30,000 grants for taxi, bus, okada, Keke Napep, Uber, Bolt drivers, and cart pushers across the country.

Meanwhile, Nigeria is set to utilize its legal provisions that empower the federal government to collect taxes on profits made in the country by global technology and digital firms not based in the country, but with a significant economic presence here.

VP Osinbajo hinted at these issues and others while interacting with a delegation of the Chartered Institute of Taxation of Nigeria, CITN, led by its president, Adesina Adedayo who visited him at the Presidential Villa on Friday, June 25.

The vice president also emphasized the need for regular interaction between the council and government to address issues bothering on tax legislation.

Source: Legit

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