President Muhammadu Buhari’s media aide, Mr Femi Adesina, has said the Federal Government is well aware of the economic hardship in the country, and is set to spend ₦2.3tn to revive the nation’s economy as part of the Nigeria Economic Sustainability Plan (NESP) to ameliorate the effects of COVID-19 in the country.
Adesina disclosed the information in a presentation at the 2nd Annual Conference and General Meeting of the International Islamic University Malaysia Alumni Association, Nigeria chapter, held on Saturday but issued the statement on Sunday.
Adesina said the NESP comprised ₦500bn COVID-19 Crisis Intervention Fund meant to upgrade health facilities nationwide and finance a national Special Public Works Programme; ₦1.1tn structured lending from the Central Bank of Nigeria; ₦334bn to be derived from external bilateral and multilateral sources; and ₦302.9bn from other undisclosed sources.
“The 12-month ‘transit’ scheme under the NESP was developed as a successor plan to the Economic Recovery and Growth Plan. When compared to other world economies, the Nigerian economy was not as badly hit by the COVID-19 pandemic, contrary to doomsday projections that had earlier come from the West,” the statement quoted Adesina as saying.
The presidential spokesman called on states and local governments to complement the efforts of the Federal Government to reduce the economic effects of COVID-19 on the people.
Meanwhile, in a recent statement through Malam Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, Buhari said history would remember him as the president who embarked on a transformation of the national economy for the general good of the citizens.
The President said there is nothing unusual about his decision to end fuel subsidy. He said he was simply courageous enough to do what past administrations made much noise about, but failed to do.
Speaking on behalf of the President, Shehu said, "To stop the mismanagement of taxpayers money, eliminate corruption associated with subsidies on petroleum products, power, fertilizer among others, the administration took the decision to implement long-delayed reforms, withdraw and allow the market to determine their prices.
”Blueprint upon blueprint, timeline upon timeline had come and gone but the courage to take bold decisions was not there.
”Over the last few days, one claim acquiring a potent resonance with the online community, sections of the labour movement and the opposition are that the actions are ill-timed and ill-advised.
”There is nothing new in the fact that the country is today fighting multiple challenges along with COVID-19, including low earnings, near-collapse of the oil market, floods, threats of terrorism and banditry but the challenges notwithstanding, a good government must make decisions for the people’s good.
”As President, Muhammadu Buhari takes these difficult decisions, both popular and unpopular and as a leader because he is demonstrating the right courage to take such decisions as they become necessary in view of present circumstances.”