Eletiofe FG’s economic stimulus package will 'save' Nigeria from recession...

FG’s economic stimulus package will ‘save’ Nigeria from recession – Minister

-

- Advertisment -

The session was held with heads of Nigeria’s revenue generating agencies on the revised 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Specifically on the likelihood of recession, Ahmed said that very clearly the Gross Domestic Product (GDP) had been reduced because of the economic crisis that the nation found itself.

The minister however said that Nigeria was not alone in this crisis.

“The global economy is predicted to be also slipping into recession. What we are hoping to do by our own collective efforts – the Executive and the National Assembly, is that we minimise how far we go into recession.

“National Bureau of Statistics (NBS) has made an assessment that we will go into recession to the level of four per cent.

“So, some of the work that the executive is doing is preparing a stimulus package as remedy, so that if it happens may be we are going into 0.5 per cent or 1 per cent but not going much lower.

“That is our unfortunate reality and the reality of the global economy,” the minister said.

The Chairman of the Committee, Sen. Solomon Adeola, said that some of the new proposals may not be adopted as requested.

Having listened with rapt attention to all presentations made by the Minister of Budget and National Planning and the questions asked regarding the MTEF and FSP, I believe that members of the Committee are satisfied with reasons being offered by the minister on why we have to go this direction at this point in time.

“But Honourable Minister, we are still waiting for that Economic Stimulus grand document by the committee headed by the Vice-President of the Federal Republic of Nigeria, because what that document intends to do is to keep the economy going aftermath of COVID-19.

“Secondly, all related documents which we have requested as a committee ranging from the special accounts to the deficit document as explained by the DG Budget Office, it is expected that the documents get to us in no distant future,’’ Adeola said.

Latest news

Simone Biles and the Unprecedented Olympic Pressure

Olympic athletes are used to pressure. Before every Games, a handful of stars from each country get singled out...

How Gravity Turns Me Upside Down

Gravity’s always been my favorite force. I’ve been cheering from the front lines as it’s consistently exceeded expectations, mapping...

Men’s Basketball at the Olympics

With the delayed Tokyo 2020 Olympics finally underway, it’s got sports fans rejoicing and enjoying the spectacle...

BREAKING: Six Killed, Eight Injured In Fatal Crash On Bauchi Highway

According to a report by The PUNCH, no less than six people have been killed in a fatal crash...
- Advertisement -

Hushpuppi: 3 Nigerians Arrested, Abba Kyari, 2 Others On FBI List

Abba Kyari More revelations have be made by the United States government since the...

Alleged Bribery: Admitting Hushpuppi Sent N300,000 For Clothes, Caps Disgraceful, HURIWA Slams Abba Kyari

According to a report by The PUNCH, the Human Rights Writers Association has faulted a Commissioner of Police, Mr....

Must read

Simone Biles and the Unprecedented Olympic Pressure

Olympic athletes are used to pressure. Before every Games,...

How Gravity Turns Me Upside Down

Gravity’s always been my favorite force. I’ve been cheering...
- Advertisement -

You might also likeRELATED
Recommended to you