The Federal Government has inaugurated a Federal Steering Committee and Federal Technical Committee of the Nigeria COVID-19 Action Recovery for Economic Stimulus (N-CARES).
The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, while inaugurating the committees in Abuja Friday, urged members to ensure that post COVID-19 was not injurious to Nigerians and the economy.
Ahmed said that diverse and severe impacts of the pandemic was being felt across the world with significant consequences on informal businesses, households and farmers who depended on their farm produce to survive.
“As part of windows of opportunity to mitigate the effect of Covid-19, the Federal Government is in the process of accessing a World Bank loan of 750 million dollars on behalf of the states to stimulate the local economy and support vulnerable household’s consumption.
“Federal Government has created several windows of interventions as captured in the Economic Sustainability Plan (ESP) inaugurated by President Muhammadu Buhari on March 30.
“This is to among other things respond robustly and appropriately to the challenges posed by the COVID-19 pandemic, identify fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending,” she said.
The minister noted that the implementation of the N-CARES was in line with the Federal Government priorities as outlined in the ESP.
The Federal Steering Committee is made up of ministers, permanent secretaries, while the technical committee comprised directors of key MDAs.
According to Ahmed, the major role of the steering committee was to provide overall policy direction for the implementation of the programme and advise the president appropriately.
“Also, the federal technical committee would be responsible for the programme oversight, overall guidance, support, coordination, strategic direction, review and approval of the annual work programme as well as budget for the Federal CARES Support Unit (FCSU),” she said.