COVID-19: FG Spent N2.3trn As Stimulus Packages For Nigerians
The minister of state for budget and planning, Clem Agba, says the federal government of Nigeria has spent more than N2.3 trillion as stimulus packages to cushion the effects of the COVID-19 pandemic.
This was disclosed on Tuesday at the 3-Day 4th National Treasury Workshop which was organised by the office of the Accountant General of the Federation held in Akwa Ibom state. Information Guide Nigeria
According to THE CABLE, the fiscal and monetary policies supported states, businesses, households, and individuals through grants, tariff reductions, tax relief, payroll support, and direct support to the health sector.
The Minister said: “COVID-19, which started as a health pandemic, snowballed into an economic pandemic, so, to accelerate quick recovery of the economy, we developed some strategies which included; national stimulus economic package, mobilisation of external support and funding, and increase in non-oil revenue generation.
Read Other Top News:
- Govt. To Make Transport Subsidy Payment Digitally For At Least Six Months
- Revenue Allocation: Sanwo-Olu, Ganduje, Demands Special 1% For Kano, Lagos
- Nigerian Govt Reveals Why Price Of Cooking Gas Can Not Be Forced Down
- Senate Proposes Increase in Corps Members’ Feeding Allowance
“These were aimed at retaining and creating jobs, increasing our productivity ensuring social stability, and addressing long-standing economic vulnerabilities.
“Thus, the impact of COVID-19 and dwindling revenue from oil, in spite of these, we will continue to expand government policies to cushion the effect with a total estimated stimulus package by the federal government of Nigeria of 2.3 trillion naira.
“We took steps to increase our non-oil revenue generation. These steps included but were not limited to VAT reforms in the Finance Act 2020, customs administration enhancement, tax exemption, increased remittances and recovery of remitted revenue from government-owned enterprises.”
On his part, the Governor of Akwa Ibom State, Udom Emmanuel said the state government had set up a post-COVID-19 economic advisory committee which was is made up of professionals.
THE CABLE reports that Governor Udom who was represented by his deputy, Moses Ekpo revealed that the Akwa Ibom State Government had started implementing some of the committee’s recommendations.
He added that they have adopted applications of ICT and other tools of technology to stimulate entrepreneurial drives amongst the people. Jamb Result
Also speaking, The Accountant General of the Federation, Ahmed Idris noted that the workshop would provide financial shock-absorber to the government on how to manage any pandemic-induced financial challenges.
⚽ Start winning football betting today!
👉 Get correct FREE GG and Over 2.5 football prediction tips. Click here to join
👍Showcase your business here!
With over 1M unique users per month across all channels, we have a large audience for you to showcase your products and services. Simply get in touch via 👉 marketing@Infoguidenigeria.com.
🤑 Make Money now!
👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.
👉 Make Money as InfoGuideNigeria Advertising Agents, read more here
✍️ Be Our Guest Publisher!
Do you have a press release, breaking news, or any other helpful information to share with our growing readers? If yes, send your article to 👉 email@example.com.
We will be glad to publish it if the information is useful to our audience.
This post can be helpful to somebody else, please share it on Facebook, Whatsapp, Telegram and Twitter. There are buttons below for this (easy to use too)!
Copyright Warning!Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
We publish all contents with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us at [firstname.lastname@example.org] to file a complaint and we will take necessary actions immediately.