DAILY POST learnt that the meeting specifically touched on the planned review of the 2020 budget and Medium Term Expenditure Framework and Fiscal Strategy Paper passed late last year by the National Assembly.
He added, “Taking a cursory look at some of the papers, I think this meeting is actually very timely and very important because we live in very unusual time and it’s time we start thinking outside the box to see how we can stabilise our economy and the direction it’s going to take.” Ahmed said that in view of Nigeria’s economic realities, the Crisis Management Committee constituted by President Muhammadu Buhari in response to the COVID-19 and Oil Price Decline Crisis expressed concern that “the decline in international oil prices or domestic production may be magnified if a severe outbreak of the pandemic occurs in Nigeria.”
“The Federal Government is working on Fiscal Stimulus Measures to provide fiscal relief for Taxpayers and key economic sectors; incentivize employers to retain and recruit staff during the economic downturn; stimulate investment in critical infrastructure; review non-essential tax waivers to optimize revenues, and compliment monetary and trade interventions to respond to the crisis,” the Finance Minister disclosed.
In addition, the Finance Minister even informed the lawmakers that Nigeria had received a grant of US$18.2 million from Japan for strengthening seven National Centre for Disease Control centres across the country.
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