Connect with us

News

N2.3trn Stimulus Plan Saved Nigeria From COVID-19 Economic Disaster, Buhari Claims

Published

on

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.

Continue Reading

News

Independence Anniversary:  Nigeria Is A Failed Grandfather – Monarch 

Published

on

A first class traditional ruler in Rivers State, His Royal Majesty, King Aaron Ikuru, has described Nigeria at 65 as a grandfather who cannot provide leadership to other African Countries.

The monarch  stated this in an interview at his palace in Ikuru Town, yesterday.

According to him, Nigeria would have been a  developed country to set the pace in the whole of Africa, considering its numerous resources.

“Nigeria is a grandfather but not behaving as a grandfather. Our country, Nigeria, before and from the era of Independence was in the state of becoming a great country, but unfortunately is not becoming anything.

“We should be far ahead with what we have in the country. God blessed us, we have almost what it takes in terms of mineral resources, manpower amongst others that can drive speedy development in the country.

“If we’re able to harness all the things we have, even America by now would have respected us”, he  said.

While blaming the past leaders of the country, the monarch called on the current leadership of the country to redouble efforts in order to narrow the differences in terms of development, exchange rate between naira and foreign currencies.

King Ikuru, who is also the Chairman of Andoni Area Traditional Rulers Council, however, lauded the efforts of the founding fathers, past leaders of the country for the achievements so  far.

He also expressed optimism that Nigeria would be great, calling on the opinion leaders to shun tribalism and political intolerance in the country.

 

“If Nigeria should experience rapid development in all sectors, it means we must shun tribalism and political intolerance, the interest of our country must be our priority.

“We need to fight corruption vigorously, and leaders must show good example of discipline and integrity”, he said.

The monarch used the opportunity to wish Nigeria happy independence anniversary.

By: Enoch Epelle 

Continue Reading

News

FG begins payment of N32,000 pension increment to retirees – PTAD

Published

on

The Pension Transitional Arrangement Directorate has announced the start of implementation of the new pension increments for pensioners under the Defined Benefit Scheme, saying the adjustments will be reflected in the September 2025 payroll cycle.

In a statement signed by Management and posted on its X handle, PTAD said the increase package includes a fixed N32,000 payment alongside percentage increases of 10.66% and 12.95% for eligible categories, which will benefit about 832,000 pensioners under its management.

Recall that PTAD in August announced President Bola Tinubu approved a series of measures, including new welfare benefits for pensioners under DBS.

The approval follows a formal request by PTAD’s Executive Secretary, Tolulope Odunaiya, seeking an emergency budgetary allocation to implement pension reforms and welfare benefits for the scheme’s retirees.

The measures include a N32,000 pension increment, percentage increases for pensioners of defunct and privatised agencies, pension harmonisation for all DBS pensioners, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded pension liabilities.

In a statement yesterday, PTAD said the partial release of N820.188 billion by the Federal Ministry of Finance from the emergency funding has made it possible for pensioners to begin receiving the enhanced payments immediately.

The statement read, “Further to the President’s approval of the emergency budgetary allocation for the payment of the new pension increment rates for Pensioners under the Defined Benefit Pension Scheme (DBS) that was earlier published by the Pension Transitional Arrangement Directorate on Friday, 8th August, 2025, the Directorate is delighted to announce the commencement of the implementation of the 832,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD, in the September 2025 pension payroll cycle.

“This achievement has been made possible through the partial release of 820.188 billion by the Federal Ministry of Finance, from the initial 845 billion emergency funding approval granted by the Federal Government.

“This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.”

The directorate thanked President Bola Ahmed Tinubu for approving the emergency allocation.

It also acknowledged the role of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant-General of the Federation and key presidential aides and parliamentary committees for their “timely interventions” and support.

The statement also expressed appreciation to organised pension groups, including the Nigeria Union of Pensioners and the Federal Parastatals and Private Sector Pensioners Association of Nigeria, for their cooperation during negotiations and implementation planning.

“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms,” the statement added.

The DBS covers pensioners who retired before the introduction of the Contributory Pension Scheme in 2004, including those from defunct public institutions, privatised agencies, and treasury-funded parastatals.

Over the years, many have faced irregular payments, delayed harmonisation, and inadequate healthcare access, challenges that the new reforms are expected to address.

Continue Reading

News

Nigeria At 65: NOA urges citizens to foster unity, progress

Published

on

The National Orientation Agency (NOA) has urged Nigeria. citizens to remain united, peaceful to enhance development of the  nation  as it celebrates 65th independence anniversary.

Mr Mkpoutom Mkpoutom, Director of NOA in Akwa Ibom,  gave the charge in Uyo yesterday while addressing newsmen and stakeholders to mark the anniversary.

Mkpoutom said it was essential to recognise that the strength of Nigeria lay  in its diversity

“With over 250 ethnic groups and an array of languages, the nation embodies a unique blend of heritage.

“This diversity should be seen not as a dividing line but as a unifying force that propels the country toward progress.

“As Akwa Ibom embarks on another year,  it is crucial for all citizens to foster a sense of unity and shared purpose.

“Embrace dialogue, understanding and collaborate with the Renewed Hope Agenda of President Bola Tinubu in its efforts to addressing pressing challenges like poverty, security, education, and healthcare, thereby paving  way for a brighter future for all.”

The state director, however, appealed to Nigerians from all walks of life to renew their commitment to a more prosperous, peaceful, and equitable nation.

“Let this anniversary serve as a reminder of the collective strength that lies in every citizen,” he said.

He urged everyone to contribute positively to the development of a better society.

Mkpoutom urged the people and all citizens to honour the labours of heroes past, as they celebrated the present, while working diligently toward a future filled with hope and opportunities for generations to come.

Continue Reading

Trending