THE Minister of State for Budget and National Planning, Mr. Clem Agba, has said the Federal Government had spent N2.3 trillion as stimulus package to cushion the effect of COVID-19 pandemic in the country.
Agba spoke yesterday at a three-day fourth National Treasury workshop, with the theme: COVID-19 and the Global Economy: Implications on Nigeria’s National Treasury, organised by the Office of the Accountant General of the Federation (OAGF) in Uyo, the Akwa Ibom State capital.
“In spite of the impact of COVID-19 and dwindling revenue from oil, our strategy was to expand government’s activities to cushion the effects of the pandemic with Federal Government’s total estimated stimulus package of N2.3 trillion.
“This package consisted, to a large extent, of a combination of fiscal and monetary policies, sectoral interventions, and social programmes.
“The fiscal and monetary policies were for support to states, businesses, households and individuals through grants, tax relief, payroll support, tariff reductions and direct support to the Health sector.
“The real sector interventions were focused on mass agriculture, mass housing, public works, off-grid solar power installations and support to small businesses,” Agba said.
The minister stressed that the interventions created a large number of jobs, empowered farmers and entrepreneurs, conserved foreign exchange and provided guaranteed off-take of output, especially in agriculture and housing.
He added that despite the COVID-19 challenges, Nigeria was remained Africa’s largest economy and most populous nation.
Agba said the Federal Government would continue to provide the enabling environment for businesses to thrive across the country.
Akwa Ibom State Governor Udom Emmanuel said his administration had set up post-COVID-19 Economic Advisory Committee comprising professionals to advise the government on the way forward.
Emmanuel, who was represented by his deputy, Mr. Moses Ekpo, said the state government had started implementing some of the committee’s recommendations.
These include the application of ICT and other tools of technology to stimulate entrepreneurial drives amongst the people.
