FGN spends N2.3 trillion as COVID-19 Stimulus Package

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The federal government of Nigeria has spent N2.3 trillion as stimulus package to reduce the effect of the COVID-19 pandemic in the country.

Minister of State, Budget and National Planning, Clem Agba, stated this on Tuesday in Uyo at a three-day workshop by the Accountant General of the Federation.

“In spite of the impact of COVID-19 and dwindling revenue from oil, our strategy was to expand government’s activities to cushion the effect of the pandemic with the total estimated stimulus package by the Federal Government of N2.3 trillion.

“These packages consisted, to a large extent, of a combination of fiscal and monetary policies, sectoral interventions, and social programmes.

“The fiscal and monetary policies were support to states, businesses, households and individuals through grants, tax relief, payroll support, tariff reductions and direct support to the health sector.

“The real sector interventions were focused on mass agriculture, mass housing, public works, off-grid solar power installations and support to small businesses,” Mr Agba said.

He added that these interventions created a large number of jobs, empowered farmers and entrepreneurs, conserved foreign exchange and provided guaranteed offtake of output, especially in agriculture and housing.