The world bank has proposed a financial package of $1.5b to help states in Nigeria cope with the adverse effect of the COVID-19 pandemic on the economy.
Also the federal government has temporarily stopped the deductions of a number of loans that have been taken by states. This, the state governors said is sigh of relief that should allow them meet other financial obligations as the coronavirus pandemic pushes economic fortunes on a steep downward slide.
Already statistics from the National Bureau of statistics are pointers to an impending economic recession later this year. But the minister of finance said the impact of the negative economic growth can be properly managed.
As the health crisis cused by the corona birus deepens, the national economic council is also concerned about consolidating the country’s progress at edging towards polio eradication as there has been no wild case
of polio reported in 44 months.
Now they have to balance the fight against the corona virus with continous vaccination of children against polio.
Already there is a shortfall of 31 percent in the net oil and gas revenue and influx to the federation account in the first quarter of 2020.
Overall the economic council was given updates on the the funds in the three special federation account.
The economic sustainability committee chaired by the vice president is still working to develop strategies to manage the country and keep it out of the red zone.