FG spends over N500bn on Covid-19 interventions to reflate Nigeria's economy

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the federal government has expended an accumulated N502.3 billion to reflate following the crisis caused by the COVID-19 pandemic.

She made the disclosure while speaking in Abuja at the national dialogue on COVID-19 economic impact and assessment of national and states’ recovery plans and policy options.

According to Mrs Ahmed, Nigeria was hit hard by the pandemic because it was recovering from recession before COVID-19 came knocking and dealt a huge blow to oil prices which is the mainstay of the economy.

She listed key interventions to include: “The establishment of N500 billion COVID-19 crisis intervention fund to finance the upgrade and improvement of healthcare facilities; creation of a Special Public Works Programme to employ 774,000 people, among others,”

The Minister added that the development demanded a cocktail of stimulus packages which were administered to rescue the economy from the doldrums.

She said: “You know that in the 2020 budget, N500 billion was appropriated and it was fully funded. But apart from that, we also have the economic sustainability plan totalling N2.3 billion in the form of intervention funds from the CBN, which means loans are given to the private sector and they pay back later.”

Mrs Ahmed, however, disclosed that lessons were learnt from the pandemic, especially the urgent need to fix the challenges of the health sector.

According to her, the avalanche of problems being faced by the health sector propelled the government at the centre to pursue proactive and people-oriented policies with emphasis on human capital development and providing critical infrastructure for the well-being of Nigerians.