Nigeria’s Revenue Has Fallen By Over 60% Due To Coronavirus – President Buhari
President Buhari has raised an alarm over the decline in the country’s revenue amid the Coronavirus pandemic.
Vice President Yemi Osinbajo who delivered President Buhari’s remark at the start of the first-year Ministerial performance review retreat holding in Abuja on Monday September 7, said his administration adopted a N2.3 trillion economic sustainability plan to mitigate the effect of the economic slowdown.
“For the government, it has been a particularly trying time. As a result of the poor fortunes of the oil sector, our revenues and foreign exchange earnings have fallen drastically. Our revenues have fallen by almost 60 percent.
“Yet we have had to sustain expenditures, especially on salaries and capital projects, in order to keep the economy going.
“But we have also had to take some difficult decisions to stop unsustainable practices that were weighing the economy down.”
President Buhari who denied claims of his administration being insensitive to the suffering of Nigerians following the increased prices of fuel and electricity, said he directed Ministers and senior administration officials to swiftly implement the Economic Sustainability Plan (ESP) to give succor to Nigerians.
“This government is not insensitive to the condition of our people and the very difficult economic situation and we will not inflict hardship on our people.
“In this regard, the Central Bank of Nigeria (CBN) has created credit facilities (of up to N100B) for the Healthcare (N100 Billion) and Manufacturing (N1 Trillion) sectors.
“From January 2020 to date, over N191.87B has already been disbursed for 76 real sectors projects under the N1Trillion Real Sector Scheme; while 34 Healthcare projects have been funded to the tune of N37.159B under the Healthcare Sector Intervention Facility.
“The facilities are meant to address some of the infrastructural gap in the healthcare and manufacturing sector as a fall out to the COVID-19 pandemic and to facilitate the attainment of the Governors 5-year strategic plan.”
Tola Johnson, Special Assistant to President Muhammadu Buhari on Micro Small and Medium and Medium Enterprises(MSMEs), says 100,000 small businesses will get N50,000 each.
NAN reports that the gesture is part of COVID-19 economic stimulus.
The presidential aide made the announcement at the inauguration of the Implementation of Survival Fund and Guaranteed Off-Take Stimulus Schemes for MSMEs on Thursday in Abuja.
Johnson, the Project Coordinator, said that the schemes were part of the Economic Sustainability Plan drafted by Vice President Yemi Osinbajo-led committee and approved by President Muhammadu Buhari.
“The Payroll Support targets 100,000 businesses. However, the number of individuals who will benefit from this is 500,000. What the government has done is to say that there a lot of MSMEs that have been affected by the COVID-19 pandemic lockdown.
“Afterward, there is a CAC (Corporate Affairs Commission) free registration; it is free for the MSMEs but the government is paying the CAC for this. What the government has done is to say to the CAC, you do this regularly to the MSMEs at about N12,000 or thereabout; give it to us at half price, we will give it to the MSMEs free.’’
Johnson added that under the National MSMEs Clinic, Osinbajo and the Minister of Industry, Trade and Investment went to no fewer than 26 states.
He said it was discovered that very creative businesses were not registered.
“They will tell you they don’t have N10,000 to N12,000 to register their businesses. The government had promised that at some point, we will do and I think the opportunity has come now; the opportunity cannot be better than now.’’
The official also announced that under the Survival Fund, the last strap would be the Transport and Artisans Support.
At least 333,000 beneficiaries will get a one-off N30,000 grant, Johnson said.
He added that the government will work with associations, individuals and the Ministry of Transportation to implement the scheme.