Prince Clem Agba, Minister of State for Budget and National Planning stated the Federal Government spent N2.3 trillion on infrastructure to mitigate the impact of the COVID-19 epidemic.
Agba mentioned this during the Office of the Accountant General of the Federation’s 3-Day 4th National Treasury Workshop, headlined “Covid-19 and the Global Economy: Implications on Nigeria’s National Treasury,” on Tuesday in Uyo, Akwa Ibom state capital.
He stated that the monetary and fiscal policies provided grants, tariff reductions payroll assistance, tax relief, and direct support to the health sector to states, enterprises, households, and individuals.
According to the minister, the real-estate initiatives were focused on off-grid solar power installations, mass agriculture, public works, small company assistance, and mass housing.
“COVID-19 began as a health pandemic but quickly turned into an economic pandemic, so we devised a strategy that comprised a national stimulus economic package, the mobilization of foreign help and money, and an increase in non-oil revenue generation.”
“These were targeted at retaining and creating jobs, enhancing productivity, ensuring social stability, and resolving long-standing economic weaknesses,” she said. Notwithstanding the effect of COVID-19 and declining oil revenues, we will keep creating government measures to mitigate the damage, with the federal government of Nigeria planning a total stimulus package of 2.3 trillion naira.
“We took attempts to boost revenue from sources other than oil.” VAT revisions in the Finance Act 2020, customs administration improvements, tax exemptions, higher remittances, and recovery of remitted money from government-owned firms were among the measures taken.”
The workshop was opened by Governor Udom Emmanuel of Akwa Ibom, who stated that the state government has formed a Post COVID-19 Economic Advisory Committee made up of specialists to advise the state government on the way forward.
Emmanuel, who was represented by his deputy, Mr. Moses Ekpo, the state government has begun implementing several of the committee’s suggestions, including the use of ICT and other technological tools to encourage people to start businesses.
Alhaji Ahmed Idris, the Federation’s Accountant-General, also stated that the training would equip the government with financial shock absorbers on how to deal with any pandemic-related financial issues.
Idris stated that the course would educate government financial managers on how to manage aggregate cash flows within fiscal, monetary, and legal constraints, resulting in better management of essential government borrowings and infrastructure deployment.