The federal government has unveiled few key strategies it plans to execute in managing the economy of Nigeria during the global crisis influenced by coronavirus and crash in crude oil prices.
This week, after the oil price war between Saudi Arabia and Russia threatened the nation’s economy, President Muhammadu Buhari promptly set up a committee to look at the impact of the COVID-19 disease on the country’s economy.
The committee was headed by the Minister of Finance, Budget and National Planning and was asked to give a report next week to the President.
A statement issued by media aide to the Minister, Mr Yunusa Tanko Abdullahi, said the panel held a meeting, where issues were discussed.
Mr Abdullahi quoted his boss as saying that, “So, we will manage the economy by prioritising what we do during the period that there will be slow activities, so that when things pick up, everything will go back to normal.”
The statement further quoted the Minister as saying that the committee will “ensure that the business of government continues to run normally as much as possible, that government agencies are funded.”
She also noted that “there must be continuous investments in critical infrastructure that would ensure continuous growth and also concentrate on programmes and projects that will enhance employment of our people.”
“We are looking at ways and means in which the revenue of government will be stabilised and that we are able to fund the states through the Federation Account Allocation Committee (FAAC) process at a level that is averagely expected, and planned for both the federal as well as the national budget,” she further stated.
In her address to the committee members, Mrs Ahmed stated that, “So, as we finish our consultations next week, we will be expecting some approvals and then we will be meeting with you to inform you of the specific approvals that we have been able to obtain from the President.”
Recall that the International Monetary Fund (IMF) on Thursday said COVID-19 will have a significant negative impact on the economy of Nigeria, the largest in Africa.
