COVID-19 Economic Stimulus: Osinbajo meets IMF, World Bank representatives
Vice President Yemi Osinbajo is enlarging the pool of options open to Nigeria in achieving the Buhari Presidency plan to turn the current economic challenges to an opportunity for Nigerians, especially the “Common Man.”
Today, the VP has met with representatives of the International Monetary Fund and the World Bank as Nigeria continues to improve on its economic stimulus packages for citizens.
President Muhammadu Buhari has asked the Vice President to chair the Economic Sustainability Committee (ESC) and the Committee has been collaborating with domestic sectors of the Nigerian economy and now the VP is interfacing with international agencies for the purpose of rolling out options as the President has directed.
A source in the Presidency added that the Osinbajo panel will soon be submitting a Sustainability Plan which the President has requested and is expected to take the country ‘s economy to new heights between now and the year 2023.
But in a tweet by Laolu Akande, the spokesperson to the Vice President, the meeting today with the agencies just concluded this afternoon. Although Akande did not indicate Villa sources added that the President intends to act speedily on the report of the Osinbajo committee.
“VP Osinbajo has been busy today holding video conference-based meetings with IMF and World Bank representatives on how the agencies can collaborate with President Buhari’s forthcoming additional economic stimulus packages.
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“Video shows just-concluded meeting with World Bank Nigeria representatives,” he tweeted along with a video of the meeting.
The Economic Sustainability Committee is a seven-member team chaired by Prof Osinbajo, and the Committee is expected to conclude its report very soon. It was set up as a response to the recent challenges in the economic front resulting from the fall in the prices of oil in the international market as well as the disruptive impact of the pandemic that has disrupted the global economy.
The committee is made up of Ministers of Finance, Budget, and Planning; Industry, Trade, and Investment; Labour and Employment; Minister of State Petroleum Resources; CBN Governor; NNPC Group Managing Director and Permanent Secretary, Cabinet Secretariat who serves as secretary of the committee.
As a result of the way workers were losing jobs in their millions President Muhammadu Buhari inaugurated ESC to seek ways in which Nigerians can keep their jobs.
The major focus has been on seeking ways to protect jobs and also create new ones after the coronavirus pandemic.
As recommended by ESC, President Muhammadu Buhari has approved the expansion of the COVID-19 palliatives to accommodate more Nigerians, especially those who rely largely on daily income.