The Nigerian Government has inaugurated a Federal Steering Committee and Federal Technical Committee of the Nigeria COVID-19 Action Recovery for Economic Stimulus (N-CARES).
The committee was inaugurated by the Minister of Finance, Zainab Ahmed, in Abuja on Friday.
The Minister urged the committee to make sure that the economic downturn caused by the pandemic did not persist in the lives of Nigerians. She also disclosed that the Federal Government was working on a World Bank loan to boost Nigeria’s economy post covid-19.
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“As part of windows of opportunity to mitigate the effect of Covid-19, the Federal Government is in the process of accessing a World Bank loan of 750 million dollars on behalf of the states to stimulate the local economy and support vulnerable households’ consumption.
“Federal Government has created several windows of interventions as captured in the Economic Sustainability Plan (ESP) inaugurated by President Muhammadu Buhari on March 30.
“This is to among other things respond robustly and appropriately to the challenges posed by the COVID-19 pandemic, identify fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending,” she said.
She added that the committee consisted of Ministers and Perm Secs, and that the N-CARES programmes was in line with the FG’s Economic Sustainability Plan (ESP).
“Also, the federal technical committee would be responsible for the programme oversight, overall guidance, support, coordination, strategic direction, review and approval of the annual work programme as well as budget for the Federal CARES Support Unit (FCSU).”
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