President Mohammadu Buhari said he has directed some ministers to jointly develop a comprehensive policy for a “Nigerian economy functioning with COVID-19”.
This he said is to ensure the Nigerian economy adapts to the new reality caused by the coronavirus pandemic.
The president said this Monday evening while addressing the nation on the extension of COVID-19 pandemic lockdown.
He listed the minsters to include those of Industry, Trade and Investment, Communication and Digital Economy, Science and Technology, Transportation, Aviation, Interior, Health, Works and Housing, Labour and Employment and Education.
“The Ministers will be supported by the Presidential Economic Advisory Council and Economic Sustainability Committee in executing this mandate.
“I am also directing the Minister of Agriculture and Rural Development, the National Security Adviser, the Vice Chairman, National Food Security Council and the Chairman, Presidential Fertiliser Initiative to work with the Presidential Task Force on COVID-19 to ensure the impact of this pandemic on our 2020 farming season is minimized,” be said.
Driven by the crashed international oil price market, the federal government reduced its 2020 budget by over N320 billion to N10.27trillion.
However, this may not be enough to stabilise the economy as the fiscal deficit kept increasing.
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