FG to Revamp the Economy With N2trn Stimulus Package

• FG to Revamp the Economy With N2 Trillion Stimulus Package

The Federal Government plans to revamp the economy with a total sum of N2 trillion, according to the minister of state for National Planning, Clem Agba.

The minister, who is also a member of the government Economic Sustainability Committee, said they are working on broader solutions on how to stabilise the economy and curb the impact of COVID-19 on the economy.

Agba, who spoke at Web conference on ‘Government Fiscal Policy Response to COVID-19 Pandemic and Oil Price Fall’, the government plans to provide funding support for the aviation industry, create 1,000 jobs, revamp economic activities and broadly stimulate growth.

“We are also looking at how to support the aviation sector, like you know a lot of planes are packed, and this is costing almost N21bn monthly.

“So, we are looking at how to provide some form of bailout support to ensure that the industry does not crumble,” Agba noted.

“If we put all these together, including government funding, the funds we expect to get from CBN, Bank of Industry and other multilateral agencies as well as grants that are being received, we expect to have about N2trillion going into the economy,” the planning minister noted.

He, however, said the government expects states to run out of cash by June, therefore, they may not be able to meet financial obligations.

Meanwhile, the minister of finance, Zainab Ahmed, earlier today said the federal government is working on reducing the 2020 oil benchmark from $30 per barrel to $20 per barrel to accommodate recent changes in economic fundamentals.