The Podium Media
No Result
View All Result
  • Login

Warning: sprintf(): Too few arguments in /home/thepcqgr/public_html/wp-includes/nav-menu-template.php on line 277

Warning: sprintf(): Too few arguments in /home/thepcqgr/public_html/wp-includes/nav-menu-template.php on line 277
No Result
View All Result
The Podium Media
No Result
View All Result

COVID-19: Agba Tasks State Governments on More Policy Options for Quick Economic Recovery

Admin by Admin
June 30, 2020
3 min read
0
Prince Clem Agba: Consistent, persistent @ 56
0
SHARES
38
VIEWS
Share on FacebookShare on WhatsappShare on TwitterShare on Telegram

In line with the Federal Government’s desire to address challenges posed by COVID-19 pandemic in Nigeria, a number of State Governments across the country have reviewed their 2020 budgets to align with present realities.

RELATED POSTS

Trump and Buhari: Dangers of Having a Divisive President

How Akinyemi Invited Himself Into Trouble, By Dare Babarinsa

COVID-19: We now Have Over 30,000 Confirmed Cases – Lagos Govt

Many States have also begun to adopt measures for aggressive diversification of their revenue bases in order to reduce dependency on the diminishing allocations from the Federation Account.The Minister of State, Budget and National Planning, Prince Clem Ikanade Agba, made this known during the 11th virtual Community of Practice (CoP) meeting of Commissioners of Economic Planning, held Tuesday (June 30), in Abuja. It had as its theme: “COVID-19: Strategies for quick Recovery of the Economy.”

Agba noted that, though there had been marginal increase in the price of crude oil in the international market, the cut in daily production quota by OPEC still dwarfed the much-required revenue needed to rejig the weakened economy.The minister also said that as a result of the rising rate of infections, the continuous global meltdown, the increasing unemployment on account of layoffs in all sectors of economy, the  economic growth could contract to about -8.9% in 2020, in the worst-case scenario, and -4.45 in the best-case scenario, without any form of stimulus to the economy.

He stated that in order to prevent a potentially deep recession and accelerate quick recovery of the economy, the Federal Government has approved the total stimulus package of N2.3 trillion. This package, according to Agba, consisted of N500Billion FGN interventions fund, N1.2trn CBN intervention funds, N334B BoI/Bilateral/Multilateral interventions and additional FGN support of N300B. 
According to him, a common feature of these interventions was that they would create a large number of jobs, empower farmers and entrepreneurs, use up to 100% of local materials, conserve foreign exchange and have guaranteed offtake of outputs, especially in agriculture and housing.

He also said that Federal government was taking steps to increase non-oil revenue generation through Value Added Tax (VAT) reforms in the Finance Act 2020, customs administration enhancement, tax incentives and exemptions, increase remittances and recovery of unremitted revenues from Government-Owned Enterprises (GOEs), increase revenues from cross-border business transactions, unlock value from FG assets that were lying idle or under-utilized, among others.

Agba therefore urged States to emulate the economic recovery steps taken by the Federal government by coming up with more policy options for a quick recovery of the economy with the following measures, among others, in mind: adopt a targeted and integrated policy response; deal decisively and proactively with public health safety issues; consider a new 2020 budget across the States to reflect new realities; and, develop sectoral responses that address immediate needs.

Earlier in her remarks, the Permanent Secretary, Budget and National Planning Ministry, Mrs Olusola Idowu, said that the meeting was very significant as it provided participants with the opportunity to chart a new course towards the development of the country amid the COVID-19 pandemic.
“Together, we will strive towards addressing the challenges posed by the novel coronavirus pandemic,’’ Idowu stressed.

She thanked the various presenters, panelists, State Commissioners and other attendees, saying that the dialogue was a springboard to develop workable solutions for the national economic challenge.Present at the meeting were: DG Small and Medium Enterprise Development Agencies of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, CEO Bank of Industry, Mr. Olukayode Pitan and National Programme Manager, DFID-PERL, Ifeanyi Peters Ugwuoke, among others.

You want to share a story with us? You want to advertise? You need publicity for a product, service, or event? Contact us on WhatsApp – +234 803 3018 881

ShareSendTweetShare
Previous Post

Keyamo Speaks on National Assembly and 774,000 Jobs

Next Post

Buhari Appoints Adesugba as NEPZA MD

Admin

Admin

Related Posts

Uncategorized

Trump and Buhari: Dangers of Having a Divisive President

January 12, 2021
How Akinyemi Invited Himself Into Trouble, By Dare Babarinsa
Uncategorized

How Akinyemi Invited Himself Into Trouble, By Dare Babarinsa

January 7, 2021
COVID-19: We now Have Over 30,000 Confirmed Cases – Lagos Govt
Uncategorized

COVID-19: We now Have Over 30,000 Confirmed Cases – Lagos Govt

January 2, 2021
Akwa Ibom Confirms Ex-Governor Nkanga Died of COVID-19, Declares One-Week Mourning
Uncategorized

Akwa Ibom Confirms Ex-Governor Nkanga Died of COVID-19, Declares One-Week Mourning

December 27, 2020
Uncategorized

“Our Religion Doesn’t Allow That, This Is Very Bad”- Atiku Blasted For Celebrating Christmas

December 26, 2020
Olu of Warri Dies
Uncategorized

Olu of Warri Dies

December 21, 2020
Next Post
Buhari Appoints Adesugba as NEPZA MD

Buhari Appoints Adesugba as NEPZA MD

Femi Adelusi Emerges MIPAN President, Sets Agenda For Industry’s Growth

Femi Adelusi Emerges MIPAN President, Sets Agenda For Industry's Growth

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Dele Momodu Speaks on 2023 Presidency

The Simple Way Forward for Nigeria, By Dele Momodu

January 16, 2021
Hushpuppi Opens Up on His Women, Children

Hushpuppi Opens Up on His Women, Children

July 26, 2020
It’s Time to be Firm and Decisive, Pastor Wole Oladiyun Tells President Buhari

It’s Time to be Firm and Decisive, Pastor Wole Oladiyun Tells President Buhari

July 23, 2020

Popular Stories

  • Diasporan Nigerians Can Travel Home With Their Foreign Passports as FG Launches New Visa Policy

    Diasporan Nigerians Can Travel Home With Their Foreign Passports as FG Launches New Visa Policy

    0 shares
    Share 0 Tweet 0
  • Diasporan Nigerians with Dual Citizenships Can Now Visit Nigeria with Passport of their Adopted Countries

    58 shares
    Share 58 Tweet 0
  • “I Was Rejected from the Womb but Today, I am a Licensed Pilot Courtesy of My Pastor”

    4488 shares
    Share 4488 Tweet 0
  • European Investigators Describe $356m Failed Railways Contract as Nigeria’s Biggest Money Laundering Case

    0 shares
    Share 0 Tweet 0
  • Dapo Ojora, Polo Buff and Lagos Socialite, Commits Suicide

    0 shares
    Share 0 Tweet 0

EPL TABLE

The Podium Media

The Podium Media is an international, general-interest magazine dedicated to the dissemination of news and other general information that enhance the personal development, business success, and career growth of its readers. We partner with individuals, organisations, and government in the development of society. The Podium Media celebrates the best of humanity.

Recent Posts

  • Alleged Defilement of Minor: 58-year-old Pastor Remanded in Custody
  • The Simple Way Forward for Nigeria, By Dele Momodu
  • Biden’s Inauguration: Ohio Governor Closes State House for 4 Days
No Result
View All Result
  • Home
  • Agric-Business
  • Business
  • Crime
  • Education
  • Events
  • Entertainment
  • Health
  • INTERNATIONAL EDITION
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Religion
  • Romance
  • Special Report
  • Technology
  • The Brand Clinic
  • The Interview Section
  • Sports
  • Advertise

© 2020 Jlmedia

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In