The National Economic Council has unveiled a plan to introduce a stimulus package of about N2 trillion that will ensure Nigeria gets through the COVID-19 economic challenges.
The National Economic Sustainability Plan will also ensure massive productivity in many sectors including agriculture, power, infrastructure, technology and others.
This was part of the resolutions reached at the first virtual NEC meeting composed of all the 36 state governors, the FCT Minister, Central Bank of Nigeria Governor and other top officials of the Federal Government, chaired by Vice President Yemi Osinbajo.
READ: National Assembly committees begin consideration of revised 2020 budget
The NEC constituted a lean committee of seven to work with the Presidential Task Force on COVID-19.
The committee, led by Delta State Governor Ifeanyi Okowa, is to ensure more effective collaboration and coordination between the Federal Government’s Presidential Task Force and the states of the Federation including the FCT.
The NEC also resolved to cooperate with the Economic Sustainability Committee chaired by the vice president in the development.
The council adopted the report of Governor Nasir Ahmed El-Rufai of Kaduna State-led Ad-hoc Committee to review the status of the ownership structure of the Electricity Power Distribution Companies.
READ: Governors defy experts’ warning, lift ban on worship centres
The finance minister said Nigeria was faced with perhaps the most challenging economic challenge in its history as the global economy was also facing its sharpest reversal since the great depression with health and economic implications.
On the presentation on Nigeria COVID-19 Action Recovery and Economic Stimulus Program (Nigeria Cares) Programme Concept and Design by the World Bank Country Representative, the minister said the bank planned a proposed support package for immediate financial relief for the Federal Government.
This would involve policy-based budget support for the Federal Government focusing on measures to maintain macro-financial stability and create the fiscal space for a pro-poor stimulus package.
The World Bank’s package also proposed financial support to the government of Nigeria. This support is dedicated to the state governments’ budgeted programme of expenditures and interventions.
These measures included a fiscal stimulus package- COVID-19 intervention fund of N500bn (US$1.4bn)- supports healthcare facilities, provide relief for taxpayers and incentives to employers to retain and recruit staff during the lockdown; the increase of Social register by 1 million households to 3.6 million for cash transfer programme and palliatives and social safety net Programme.
