Nigeria to Stimulate Economy with N2 Trillion

Nigeria’s Minister of State for Budget and National Planning, Prince Clem Agba, says that the nation’s economy will get N2 Trillion stimulus in response to the COVID-19 pandemic and the fall in oil prices.

 

Prince Clem Agba
Source : Sahel Standard

He has also disclosed that the government will explore ways of supporting the airlines in the country, saying that the aviation sector loses N21 billion monthly due to the present pandemic.

Speaking at a webinar, Agba adds that the Economic Sustainability Committee had outlined five broad policy objectives with which to deal with the problems.

According to him, “Of the $2.5 billion facilities from the World Bank, about $1 billion of it will be going to the States as loans. These are concessionary loans. Mr. President has already approved N850 billion loan from domestic capital market.

“He has also approved $150 million to be taken from the Sovereign Wealth Account in support of Federation Account Allocation Committee (FAAC).