COVID-19: FG Announces N2.3trn Stimulus Package
The Federal Government Wednesday announced it has approved a total stimulus package of N2.3 trillion to cushion the effect of coronavirus pandemic on the economy.
The government’s package consists of N500 billion Federal Government intervention fund, N1.2 trillion Central Bank of Nigeria (CBN) Intervention Funds, another N334 billion Bank of Industry (BOI)/Multilateral Interventions Fund and additional FGN support of N300 billion.
Making the announcement in Abuja at the second virtual Community of Practice (CoP) meeting of the Commissioners of Economic Planning, Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, explained that the packages consist to a large extent, a combination of fiscal and monetary policies, sectoral interventions and social programmes.
He said that the fiscal and monetary policies will support states, businesses, households and individuals through grants, tax reliefs, payroll support, tariff reductions and direct support to the health sector. Agba said the real sector interventions will focus in particular, on mass agriculture, mass housing, public works, solar power installations and support to small businesses.
(Sun)
