On Thursday, Vice President Yemi Osinbajo presented the Economic Sustainability plans proposed to spearhead Nigeria’s economic response strategy to the global Coronavirus pandemic. The plan costing over N2.3 trillion focuses on formulating a clear Economic Sustainability programme in response to the COVID-19 crisis. It also backed by proposed monetary policy measures and an allowance for a Fiscal/Monetary Stimulus Package.
The package includes support to private businesses especially in key sectors most affected by the pandemic and vulnerable section of the population. It also aims to identify fiscal measures for enhancing distributable oil and gas revenue, increasing non-oil revenues and reducing non- essential spending, to help secure sufficient resources to fund the plan.
With the report, the government is expected to now expand the Social Investment Programme, by increasing cash transfer beneficiaries, N- Power volunteers and sundry traders enjoying small and microloans through the MarketMoni and TraderMoni schemes. The already existing conditional cash transfer arrangements will also be extended to cover a larger number of the extremely poor.
The plan, according to Osinbajo, is the result of a comprehensive consultation with various stakeholders including the Presidential Economic Advisory Council, the 36 State Governors and the leadership of the National Assembly.
President Buhari while receiving the report, commended Nigerians for their resilience under the weight of the Coronavirus pandemic. He also applauded the committee for completing the critical national assignment in good time, adding that with God’s help and with a sense of duty to prosperity, the Nigerian economy can be successfully transformed for a brighter future.
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