FG spends N2.3trn to cushion effect of COVID-19  – Minister

The Federal Government has said that it spent N2.3 trillion as stimulus package to cushion the effect of COVID-19 pandemic in the country.

Minister of State for Budget and National Planning, Mr. Clem Agba, said this at a three-day 4th National Treasury Workshop organised by the Office of the Accountant General of the Federation in Uyo on Tuesday.

“In spite of the impact of COVID-19 and dwindling revenue from oil, our strategy was to expand government’s activities to cushion the effect of the pandemic with the total estimated stimulus package by the Federal Government of N2.3 trillion.

“These packages consisted, to a large extent, of a combination of fiscal and monetary policies, sectoral interventions, and social programmes.

“The fiscal and monetary policies were support to states, businesses, households and individuals through grants, tax relief, payroll support, tariff reductions and direct support to the health sector.

“The real sector interventions were focused on mass agriculture, mass housing, public works, off-grid solar power installations and support to small businesses,” Agba said.

He said these interventions created a large number of jobs, empowered farmers and entrepreneurs, conserved foreign exchange and provided guaranteed offtake of output, especially in agriculture and housing.

The minister added that in spite of the COVID-19 challenges, Nigeria was still the largest economy and most populous in Africa.

Agba said the federal government would continue to provide the enabling environment for businesses to thrive in the country.

He said the President Muhammadu Buhari administration was committed to attracting and supporting foreign direct investments and partnerships in Nigeria.