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Published On: Sat, May 23rd, 2020

Osinbajo Appoints Okowa To Lead Sub-Committee On Post Covid-19 Economic Growth

LAGOS MAY 23RD (URHOBOTODAY)-Vice-President Yemi Osinbajo has appointed Delta State Governor, Ifeanyi Okowa as head of a seven-man committee to explore ways Nigeria can bounce back economically, especially with the Covid-19 pandemic.
His appointment was sequel to a virtual meeting by members of the National Economic Council NEC which Osinbajo presided over at the presidential villa, Abuja.

Okowa along with other governors in his team are expected to liaise with the Presidential Task Force on Covid-19 chaired by the Secretary to the Government of the Federation, Boss Mustapha to ensure a effective and efficient strategy to reopen the Nigerian economy after the lockdowns and shutdowns across the country.
The sub committee which includes the Governors of Lagos, Kano, Bauchi, Anambra, Plateau, and the FCT Minister are expected to introduce a substantial stimulus package running into a couple trillion Naira, ensure that Nigeria as a country gets through the COVID-19 economic challenges and in fact chart a path of growth and development for the Nigerian economy by ensuring massive productivity in several sectors including agriculture, power, infrastructure, technology and several others.
Meanwhile, the Minister of Finance, Budget and National Planning, Zainab Ahmed gave an update on the Excess Crude Account (ECA) pegging the
balance as at 21st May 2020 at $72,406,791.52
The Stabilization Account balance as at 21st May 2020 stood at N39, 337,123,485.30 while the Natural Resources Development Fund account
as at 21st May 2020 stood at N125, 190,251,907.47
The Minister stated that Nigeria is faced with perhaps the most challenging economic challenge in its history. The global economy is also facing its sharpest reversal since the great depression and these have health and economic implications.
On Economy, she noted that COVID-19 has resulted in the collapse in oil prices, stressing that this will impact negatively on Federation revenues and Foreign exchange earnings.
Daily Independent

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