Skip to main content

PANDEMIC EFFECT: FG TO BORROW $750M LOAN FROM WORLD BANK


As part of efforts to mitigate the effect of the pandemic, the Minister of Finance, Budget, and National Planning, Zainab Ahmed, says the Federal Government, is in the process of acquiring a 750 million dollar loan, from the world bank to help states recover from the pandemic effects.

This loan according to her is to stimulate the local economy and support vulnerable household consumption.

Mrs. Ahmed disclosed this at the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) program, in the nation’s capital.

The minister noted that the federal government has created windows of intervention, as captured in the economic sustainability plan inaugurated by President Muhammadu Buhari, in March 2020.

She stressed that in going to borrow the money the federal government is considering the cause and consequences of civil unrest 

“The consequences will be too high if we ignore the root cause of rising civil unrest in our country. We must, therefore, fashion out ways of ensuring that post-Covid-19 is not injurious to the Nigerian people and the economy,” Mrs. Ahmed stated.

According to her, in a bid to ensure that the implementation of the N-CARES is in line with the federal government priorities as outlined in the ESP, the Federal Steering Committee made up of ministers and permanent secretaries as well as a Technical Committee, made up of directors of key ministries, department, and agencies (MDAs) has to be in place.

The minister stated that the government has carefully selected the “members of the Federal Steering and Technical Committees because of the important role MDAs play in the recovery of the Nigerian economy as well as the fulfillment of lifting 100 million people out of poverty”.

Speaking on the expediency of the inauguration of the committee, the Finance Minister said, “the inauguration of the committees “is expedient given the nature of this emergency intervention; Nigeria as the biggest economy in Africa cannot afford to remain in recession; the survival of over 200 million population is germane to all we do and we must address the concerns of the majority of our populace”.


Labels:

Comments

Post a Comment

Popular posts from this blog

REAL MADRID FC MOVES UP LA LIGA TABLE FOLLOWING LEVANTE VICTORY

Real Madrid moved to the top of La Liga on Sunday as Vinicius Junior and Karim Benzema both scored in a 2-0 win over Levante. Vinicius, who had proved decisive in Madrid’s win over Real Valladolid on Wednesday, looked set to see off Levante as well, before Benzema notched his first goal of the season late on. Madrid have now recorded three clean sheets from their four opening games, although a draw away at Real Sociedad has given an early advantage to Barcelona, who play away at Sevilla later on Sunday. “We had to suffer,” said Zinedine Zidane. “We had chances in the second half to kill the game and that would have made it different. We suffered a lot because they also had chances.” Madrid and Barca had earlier played out the first ever women’s Clasico after Madrid finally launched their female team this season. Yet Barcelona showed their superiority in a 4-0 rout. But the men’s team have become something of a defensive juggernaut under Zidane after their solidity and resilience formed...
Post a Comment
Read more

GOVERNOR IKPEAZU FIRES TRANSPORT COMMISSIONER

By: Elvis Joseph Abia State Governor has sacked his  Commissioner of Transport, Ekele Nwaohammuo. This was contained in a statement titled, ‘Government special announcement’ by Chief of Staff to the Governor, Dr. Anthony Agbazuere, on Sunday.   It added that the Transition Committee Chairmen for Aba North, Victor Ubani; Aba South Cherechi, Wogu and Ibe Local Government Areas, Umunnoechi Mathew were also suspended. The statement read, “The Governor of Abia State, Okezie Victor Ikpeazu, Ph.D. has approved the immediate suspension of the following. “The General Manager of Traffic and Indiscipline Management Agency of Abia State. “The Transition Committee Chairman of Aba South Local Government Area. “The Transition Committee Chairman of Aba North Local Government Area. “The Governor has also relieved the Commissioner of Transport, Barr. Ekele Nwaohammuo of his appointment as Honourable Commissioner. “The Transition Committee Chairman of Umuneochi LGA, Engr. Mathew Ibe has equally ...
Post a Comment
Read more