• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Government Review your  Economic Policies Amidst Present Challenges, FG tells Governors
  • Government

Review your  Economic Policies Amidst Present Challenges, FG tells Governors

By
Victoria Agba-attah
-
July 1, 2020

Review your  Economic Policies  Amidst Present challenges, FG tells Governors

In line with Federal Government’s desire to address challenges posed by Covid-19 pandemic in Nigeria, a number of State Governments across the country have reviewed their 2020 budget to align with present realities.

Many States have also begun adopting measures for aggressive diversification of their revenue base, to reduce dependency on the diminishing allocations from the Federation Account.

The Minister of State, Budget and National Planning, Prince Ikanade Agba, made this known during the 11th virtual Community of Practice (CoP) meeting of Commissioners of Economic Planning, held in Abuja, with the theme: “COVID-19: Strategies for quick Recovery of the Economy”

Agba noted that, though there had been marginal increase in the price of crude oil in the international market, the cut in daily production quota by OPEC still dwarfed the much-required revenue needed to rejig the weakened economy.

Also, as a result of the rising rate of infections, the continuous global melt, the increasing unemployment on account of layoffs in all sectors of economy, the Minister said,  the  economic growth could contract to about -8.9% in 2020, in the worst-case scenario and -4.45 in the best-case scenario without any form of stimulus to the economy.

To prevent a potential deep recession, accelerate quick recovery of the economy and carry on with the estimated stimulus package, the Minister announced that the current total estimated stimulus package by the Federal Government of Nigeria was N2.3 trillion.

Read Also:

  • NASI Commandant Charges Newly Promoted Colonels to Uphold Discipline, Dedication
  • FG, States, LGs Share N2.1trn from September Revenue – FAAC
  • Lagos Police Nab Armed Robbers, Recover Firearms, Stolen Vehicles

This package, according to Agba, consisted of N500Billion FGN interventions fund, N1.2T CBN intervention funds, N334B BOI/Bilateral/Multilateral interventions and additional FGN support of N300B. “A common feature of these interventions is that they would create a large number of jobs, empower farmers and entrepreneurs, use up to 100% of local materials, conserve foreign exchange and have guaranteed offtake of outputs, especially in agriculture and housing.”

He also said that Federal government was taking steps to increase non-oil revenue generation through VAT reforms in the Finance Act 2020, customs administration enhancement, tax incentives and exemptions, increase remittances and recovery of unremitted revenues from GOEs, increase revenues from cross-border business transactions, unlock value from FG assets that were lying idle or under-utilized, etc.

Agba therefore urged States to emulate the economic recovery steps taken by the Federal government by coming up with more policy options for a quick recovery of the economy with the following measures in mind: Adopt a targeted and integrated policy response; Deal decisively and proactively with public health safety issues; Consider a new 2020 budget across the States to reflect new realities and develop sectorial responses that addresses immediate needs, among others.

Earlier in her remarks, the Permanent Secretary, Budget and National Planning, Mrs. Olusola Idowu, said that the meeting was very significant as it provided participants with the opportunity to chart a new course towards the development of the country amidst the COVID-19 pandemic. “Together, we will strive towards addressing the challenges posed by the novel corona virus pandemic’’ Idowu stressed.

She appreciated various presenters, panelists, State Commissioners and other attendees saying that the dialogue was a springboard to develop workable solutions for the national economic challenge.

Dignitaries at the meeting were: DG Small and Medium Enterprise Development Agencies of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awoloowo, CEO Bank of Industry, Mr. Olukayode Pitan and National Programme Manager, DFID-PERL, Ifeanyi Peters Ugwuoke, among others.

Victoria Agba-Attah

Director Information.

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Covid-19
  • Economic policies
  • fg
  • Governors
Previous articleKwara Governor Suspends Perm Sec, SUBEB Director Over Corruption
Next articleKwara Seeks NAF’s Intervention on Ilorin Aviation College
Victoria Agba-attah
Victoria Agba-attah
Xing

RELATED ARTICLESMORE FROM AUTHOR

FG, States, LGs Share N2.1trn from September Revenue – FAAC

Terrorists Have Killed More Muslims Than Christians — Trump’s Adviser

NDLEA Logo

EXPLAINER: The Truth Behind NDLEA’s Position on Cannabis Oil By Arafat A. Abdulrazaq

Nigeria Wins Two Major Global Awards for Digital Governance at OGP Summit in Spain

Professor Joash Ojo Amupitan

Senate approves appointment of Amupitan as INEC chair

Head of the Civil Service of the Federation (HoSF), Mrs. Didi Esther Walson-Jack,

FG Begins Data-Driven Reform of Civil Service Through PASGA Project

Senator Dickson Breaks Silence: Rejects Defection to APC, Backs Amupitan for INEC Chair

ASUU

NANS Issues 7-Day Ultimatum to FG, ASUU to End Dispute or Face Action

FG Moves to Deepen Climate-Smart Policies, Partnerships Across Africa

Late Lagbaja widow after his induction into the US Army International Hall of Fame

U.S. Army War College Inducts Late Lagbaja into International Hall of Fame

Ex-NSA Sambo Dasuki

Court Dismisses DSS Bid to Reintroduce Rejected Evidence Against Sambo Dasuki

ICPC, EFCC, CCB Partner on Commonwealth Anti-Corruption Research Initiative

Recent Posts

  • NASI Commandant Charges Newly Promoted Colonels to Uphold Discipline, Dedication
  • FG, States, LGs Share N2.1trn from September Revenue – FAAC
  • Lagos Police Nab Armed Robbers, Recover Firearms, Stolen Vehicles
  • Terrorists Have Killed More Muslims Than Christians — Trump’s Adviser
  • NAF Donates 35,000-Litre Borehole to Edo Community
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
NASI Commandant Charges Newly Promoted Colonels to Uphold Discipline, DedicationFG, States, LGs Share N2.1trn from September Revenue – FAACLagos Police Nab Armed Robbers, Recover Firearms, Stolen VehiclesTerrorists Have Killed More Muslims Than Christians — Trump’s AdviserNAF Donates 35,000-Litre Borehole to Edo CommunityBaze University SRC pays Courtest Visit to Chancellor, Senator Yusuf Datti Baba-AhmadCP Dantawaye Assumes Duty as New FCT Police CommissionerSeven Killed as Repentant Bandits, Illegal Miners Clash in KadunaCustoms, Air Force Strengthen Synergy on Border Security in KanoNigerian Police Secure Conviction of 59 Foreign Cyber Criminals in Major CrackdownPSC Promotes Over 400 Officers, Appoints New DIG for N'EastAisha Babangida Seeks Actionable Gender Reforms, as Women Entrepreneurs Share ₦10m WenA AwardsCDS Hails DEPOWA’s Grassroots Sports Drive, Calls It Seedbed for Future ChampionsHow Troops Crippled Terrorists, Bandits, and Oil Thieves in Nationwide OperationProtest Will Jeopardize Peace Efforts for Kanu’s Freedom, Igbo Leaders Warn
X whatsapp