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N2.3trn Stimulus Plan Saved Nigeria From COVID-19 Economic Disaster, Buhari Claims
President Muhammadu Buhari has disclosed that but for the Federal Government’s stimulus plan of N2.3trillion, the economic disaster that could last for years as a result of the outbreak of the COVID-19 pandemic, could not have been averted.
He made the disclosure in Jos, the Plateau State capital at the weekend during the graduation ceremony for Senior Executive Course (SEC) 43 participants of the National Institute for Policy and Strategic Studies (NIPSS).
Represented by Vice President, Prof. Yemi Osinbajo, Buhari, who noted that the damage done to the economy by the pandemic and the global lockdown was enormous, further disclosed that the economic agenda was still in place.
According to him, Nigeria was in talks with the World Bank to raise $30million to establish bio vaccine plants in the country to facilitate local production of the COVID-19 vaccine.
He added that that the country’s GDP contracted to 6.10 per cent during the second quarter of 2020, even as oil price at one point went down to as low as about $10per barrel before it finally settled at about $45per barrel during the second quarter of 2020 as a result of the pandemic.
“Unemployment went up to 33.3per cent in the fourth quarter of 2020. The transportation sector declined by 49per cent, the hospitality sector fell 40per cent, the education sector fell 24per cent, real estate declined by 22 per cent, trade declined by 17per cent and construction declined by 40 per cent.
“Nigeria was in a terrible economic situation and response, the President took two swift steps; One was to set up a small inter-ministerial committee headed by the Minister of Finance, Zainab Ahmed, to quickly work out the implications and the immediate mitigation for the economic shocks we were headed for,” he explained.
Osinbajo, who spoke specifically on what Buhari did to avert economic disaster, stated that the “second thing the president did swiftly was to direct a team of ministers and inter-agency heads to draw up a 12-month economic emergency plan, which became known as the Economic Sustainability Plan.
“We were clear that the only way of avoiding an economic disaster that could last for years was for the government to essentially put forward a major fiscal stimulus plan. Such a plan must have clear objectives of saving jobs and creating new ones, supporting businesses that may close down, and employees that may not be paid during lockdowns, and, of course, healthcare support to reduce the COVID-19 caseload. So, we promptly put forward a stimulus plan in the order of N2.3trillion,” he explained.
According to him, “We took quick fiscal measures, including grant of additional moratorium of one year on CBN intervention facilities; reduction in the interest rate on intervention facilities from nine to five per cent; grant of regulatory forbearance to banks to give borrowers some breathing space, including through restructuring of outstanding debts.
“The CBN also reports the disbursement of N798billion to 3.9million smallholder farmers under the Anchor Borrowers Programme, N134.6billion to 38,140 beneficiaries under AGSMEIS and N343billion to 726,158 beneficiaries, the release of N1trillion to 269 real sector projects, and N103billion disbursed to 110 healthcare projects,” he added.
He said that the main fiscal policy challenge facing Nigeria was inadequate revenues, especially in the face of lower oil revenues.
He said it was essential to improve tax administration, vigorous collection of all revenues due to the Federal Government from its Ministries, Departments, and Agencies (MDAs); bring all high earning agencies into the federal budget.
“Concurrently, we must lower customs duties and tariffs on raw materials and intermediate goods used in manufacturing while giving reciprocal, non-tariff-based support like procurement, subsidies, and tax breaks to priority sectors”.
He charged the new graduands to team up with his administration to build a better future for Nigerians.
Earlier, the Director-General of NIPSS, Brigadier General Chukwuemeka Udaya (rtd), had said that 85 Senior Executive Course participants passed out during the graduation ceremony.
He said that the participants toured 14 states within Nigeria and also visited six African countries and five countries outside the continent in the course of the Senior Executive Course which began in February, 2021.
He added that the participants had been well equipped through rigorous and intense research and training processes to contribute to the Nigerians government’s strategic plans and actions towards getting things done in their different roles and capacities.
Plateau State Governor, Simon Lalong; and the Sultan of Sokoto, Muhammdu Sa’ad Abubakar, were among other dignitaries that attended the graduation ceremony.
News
Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers …Charges Appointees To Embrace Principles Of Service

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.
He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.
This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.
Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.
The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.
Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.
“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.
“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.
The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.
“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.
He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.
Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.
“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.
In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.
“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.
He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.
He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.
The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.
Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.
Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.
Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.
News
Rivers PDP Debunks Sale Of LGA Election Forms

The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.
Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.
He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.
“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.
“However, the party has firmly denied these rumours, stating that they are baseless and untrue.
“The party has its own established methods of reaching out to its numerous supporters.
“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.
“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.
Enoch Epelle
News
South-South contributes N34trn to Nigeria’s economy in 2024 – Institute
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.
He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.
He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’
Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.
According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.
“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.
“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”
Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.
He, however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.
“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.
“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.
Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.
Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.
Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.
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