COVID-19: Fed Govt moves to rescue Nigeria from recession

The Federal Government has started making plans to rescue the country from the impending recession brought about by the Corona virus pandemic.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele made this known after briefing President Muhammadu Buhari on the effects COVID-19 is having on the economy.

Emefiele said: “We are trying to see what we can do as a country to rescue our own situation so we don’t go the direction many will go.”

He admitted that it was “not going to be easy but we can only assure our people that we are on top of it and that we will resolve it and Nigerians will still be better for it,“pointing out that the Nigerian “economy is not looking as simple as every one thought it would be.”

He said this is because “the global economy, like we all know at this time will naturally suffer growth problems and may even lead to recession globally.”

Earlier, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who heads the Presidential Committee reviewing the impact of coronavirus on the economy, said the committee briefed the President on current happenings around the world due to COVID-19 and the impact on the nation’s economy.

Mrs. Ahmed said Buhari has “directed that we should make sure that salaries are paid, and ensure critical infrastructure like roads and rails are protected as much as possible.

The President also directed that local of inputs should be used so that “we retain value within our economy.”

Buhari also directed the committee to make sure they put out “measures that protects the poor and the vulnerable.”

On the purpose of the meeting, Mrs.Ahmed said: “This meeting was just to brief Mr. President on the consequences of the lockdown which is slowing down the economy and the measures that we need to take to mitigate the negative consequences of the slow trade and businesses.”

– The Nation