“Such a plan is expected to introduce a substantial stimulus package running into a couple trillion Naira, ensure that Nigeria as a country gets through the COVID-19 economic challenges and in fact chart a path of growth and development for the Nigerian economy by ensuring massive productivity in several sectors including agriculture, power, infrastructure, technology and several others.’’
As a follow up, NEC resolved to hold a meeting next week with the ESC with the Council being represented by its earlier constituted Special COVID-19 Committee.
Also at the NEC meeting,
She announced that the country had as at 21st May 2020 about $72,406,791.52 in its ECA, N39, 337,123,485.30 in its Stabilization Account while its NRDFA had N125, 190,251,907.47.
On Economy, she noted that COVID-19 had crashed oil prices which would impact negatively on the country’s revenues and foreign exchange earnings.
According to Ahmed, the net oil and gas revenue inflows to the Federation Account in the first quarter of the year amount to N940.91 billion, representing a shortfall of N425.52 billion about 31.1 per cent of the prorated amount.
“To prevent a deep recession arising from the COVID-19 economic crisis, the orthodox approach all over the world, which is also in the works in Nigeria is to deploy stimulus packages.’’
On the measures in response to the COVID -19 impact, a fiscal stimulus package intervention fund of N500 billion (US$1.4 billion) was announced for healthcare facilities, provide relief for taxpayers and incentives employers to retain and recruit staff during the lockdown.
On the Electricity Power Distribution Companies (Discos), NEC was also given a presentation by its Ad-hoc Committee inaugurated to review status of the ownership structure of Discos by Governor of Kaduna State, Mr Nasir El-Rufai.
“The report was adopted and is now being implemented especially through the composition by the President of a Power Sector Reform Working Group headed by the Vice-President,’’ the statement said.