Vice President Yemi Osinbajo has said the Buhari administration is still confident of stabilizing the nation's economy and fighting poverty despite the current economic challenges facing the country in the wake of covid-19 pandemic.
Stating the government’s plans, he said a mixture of stimulus measures would be utilized to support local businesses, retain and create jobs and ameliorate the circumstances of the most vulnerable.
He said, “I take this opportunity to encourage the private sector to be proactive in leading the charge against recession and poverty in our country.
“The Federal Government is not under any illusion that it can do this on its own.”
“The government developed the Economic Sustainability Plan (ESP) with a stimulus package of N2.3tn to give fillip to the economy across various sectors. Based on the assumption of the price of crude averaging out at $30 per barrel throughout the year, we anticipate an economic growth of about -0.59% in 2020.”
According to him, the ESP was designed to boost production, prevent business collapse, and provide liquidity.
He added that it would promote the use of labour-intensive methods and direct labour interventions in key areas like agriculture, light manufacturing, housing construction and facility maintenance while increasing infrastructural investment in roads, bridges, solar power, and communications technologies.