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Stimulus package will boost Nigeria’s economy ― FG

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FG, Stimulus package

By Johnbosco Agbakwuru

The Federal Government said that it was working out a stimulus package that will take the country’s economy out of global recession and take it to positive growth in 2021.

Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, stated this while speaking with the journalists after the meeting of the Economic Sustainability Committee presided over by Vice President Yemi Osinbajo.

President Muhammadu Buhari has recently set up the committee headed by the Vice President to find ways of rescuing the economy in the midst of the Coronavirus pandemic.

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The Minister said that the global economy would go into recession in 2020 as a result of the dreaded COVID-19 (Coronavirus) pandemic ravaging countries of the world.

According to her, the prediction of the International Monetary Fund, IMF, that Nigeria would go into a negative growth of 3.4 percent next year was based on the assessment of the National Bureau of Statistics, NBS, in Nigeria.

She said: “But if we take all these measures that we are planning now, we will be able to by 2021 go back into positive growth. That is why this is very important.”

Hajiya Ahmed said that the stimulus package being worked out by the Economic Sustainability Committee would be approved by President Muhammadu Buhari before it would be announced to Nigeria’s.

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She said, “But remember that the president already announced an initial package of N500billion.

“So now, how that N500billion would be used and the subsequent intervention, which we will be rolling out when funds from multi-lateral institutions come in, is what this committee is working on.

“We are looking at various ways and means to support each sector of the economy, providing for each sector clear interventions that would be designed for the primary purpose of creating jobs and ensuring that businesses stay afloat during these difficult times.”

She hinted that the committee would in the next couple of days finalize its report and submit it to the president.

Vanguard

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