FG, States To Work Together On Economic Stability Plan
The federal and state governments are working together to ensure the Nigerian economy bounces back after COVID-19 - This was affirmed at the first virtual meeting of the National Economic Council
The council is specifically focusing on how to effectively and efficiently reopen the Nigerian economy after the lockdown
Members of the National Economic Council (NEC) rose from their first virtual meeting on Thursday, May 21 with a resolution to ensure a more effective synergy between the federal government and the state governments especially in matters related to the fallouts of the COVID-19 pandemic.
The council is specifically focusing on how to effectively and efficiently reopen the Nigerian economy after the lockdowns and shutdowns across the country.
Chaired by Vice President Yemi Osinbajo, the council members include all the 36 state governors, the FCT minister, Central Bank of Nigeria (CBN) governor and other top officials of the federal government.
VP Osinbajo chaired 1st virtual meeting of the National Economic Council today, where firm decisions were taken to take FG & States collaboration on the COVID-19 pandemic including its economic dimensions to the next level. We also had the first virtual press briefing afterwards pic.twitter.com/Pjl0nesb1Z— Laolu Akande (@akandeoj) May 21, 2020
NEC set up a committee headed by Governor Ifeanyi Okowa of Delta to liase with the Presidential Tas Force and also resolved to cooperate with the Economic Sustainability Committee (ESC) set up by the president.
The council say it is focused on ensuring that Nigeria as a country gets through the COVID-19 economic challenges and in fact chart a path of growth and development for the Nigerian economy. To this end, the NEC resolved to hold a meeting next week with the ESC.
Meanwhile, the CBN governor, Mr Godwin Emefiele, has assured citizens that Nigeria’s $37billion current foreign reserves is “robust to support the economy.” Emefiele gave the assurance during a virtual meeting held at the weekend with Chief Executive Officers of conglomerates in the country.
The apex bank governor spoke against the backdrop of a recent decline in the foreign reserves and pledged the apex bank’s willingness to provide foreign exchange to companies that required such.
Recall that the Nigerian government says it is planning to inject about N2trillion stimulus into the economy in response to the COVID-19 pandemic and the fall in oil prices.
This was revealed by the minister of state for budget and national planning, Prince Clem Agba on Tuesday, May 5 at a webinar.