The Federal Government said it is working out a stimulus package that will hedge the country’s economy from global recession and to the path of positive growth by 2021.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this disclosure Thursday, while fielding questions from State House Correspondents after the meeting of the Economic Sustainability Committee presided over by Vice President Yemi Osinbajo.
According to her, the global economy would go into recession in 2020 due to the coronavirus (COVID-19) pandemic now ravaging countries of the world.
She said the prediction of the International Monetary Fund, IMF, that Nigeria would go into a negative growth of -3.4 per cent next year was based on the assessment of the National Bureau of Statistics (NBS), in Nigeria.
Ahmed 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.”
She 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.
“But remember that the president had already announced an initial package of N500 billion.
“So now, how that N500 billion would be used and 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 withn clear interventions that would be designed for the primary purpose of creating jobs and ensuring that businesses stay afloat during these difficult times.” The Minister said.
Ahmed added that the committee would in the next couple of days finalise its report before submitting to the president for approval.
