to sustain the impact of the steps taken by the CBN under an intervention plan to save the economy from COVID-19 pressures“Any attempt to adjust the monetary policy fundamentals in any direction – upwards or downwards – will distort and undermine the effort already made through the recent N3 trillion stimulus plan by the Central Bank,” the CBN governor said then.
The committee noted available data on key macroeconomic variables in the domestic economy, which showed the economy recorded positive output growth during the first quarter of this year. Apart from measures adopted to arrest the rapid spread of COVID-19, recent improvement in crude oil prices to about $34.8 per barrel as at last Thursday would reduce the pressure on the country’s external reserves and government revenue.
Under the N100 billion Healthcare Sector Intervention Fund, the committee said the CBN approved and disbursed over N10.15 billion for some projects including the establishment of “advanced diagnostic and health centres and expansion of some pharmaceutical plants for essential drugs and intravenous fluids”.
Despite the 1.87 per cent gross domestic product for the first quarter and the moderated inflation rate to about 12.27 per cent, the committee said Nigeria could escape a recession if concerted efforts were sustained to stimulate output. “Tightening will also increase cost of credit and reduce investment and impact negatively on output growth,” the committee noted.
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