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Presidential Committee meets Buhari, says economy in bad shape

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Buhari, COVID-19, Lockdown
President Muhammadu Buhari

•Buhari sets up committee to assess impact of coronavirus on 2020 budget’
•Oil price crash ‘shocking’ — Finance Minister

ABUJA — President Muhammadu Buhari yesterday met with the Presidential Committee on the impact of the coronavirus on Nigeria’s economy, and directed the Ministry of Finance and National Planning to ensure that salaries were paid.

Minister of Finance, Budget and National Planning, Zainab Ahmed, who chairs the presidential committee, said this in Abuja while answering questions from State House correspondents at the end of the meeting.

She said the committee briefed the president on current happenings around the world due to COVID-19 and its impact on the country’s economy.

She said the president also directed the committee to put in place measures meant to protect the poor and less privileged members of the society from unnecessary hardships as a result of the virus.

She told State House correspondents that the president also directed the ministry to ensure that “critical infrastructure like roads, rails are protected and as much as possible, use local inputs so that the country retains value within her economy.’’

On the directives, Mrs Ahmed said: “Well, he has directed that we should make sure that salaries are paid, make critical infrastructure like roads, rails are protected, as much as possible use local inputs so that we retain value within our economy And also make sure that we take measures that protect the poor and the vulnerable.”

The minister further explained that the purpose of the meeting was to update the president on situations evolving on a daily basis. “This meeting was just to brief Mr President as the situation we are in keeps evolving on a daily basis, as the health crisis gradually expands, affecting states and also the lockdown that has been ordered to help curtail expansion of the health crisis.

READ ALSO: Buhari sets up c’ttee to revisit $57 oil benchmark

“The consequences of the lockdown are the additional slowing down of the economy and the measures that we need to take to mitigate the negative consequences of the slow trade and businesses,’’ she added.

The Minister of State Petroleum Resources, Timipre Sylva, who is also a member of the committee, said: “The economy is not in the best of shape due to COVID-19 and oil prices are collapsing every day, hence the need for the President to be constantly briefed.’’

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said: “the economy is not looking as simple as everyone thought it would be.

“The global economy, naturally, like we all know at this time, will naturally suffer growth problems and may even lead to recession globally.”

Vanguard

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