The Federal Government (FG) on Friday, November 13, in Abuja, inaugurated 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, Zainab Ahmed, while inaugurating the committees; 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 were 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.
“FG 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.
Ahmed said that the implementation of the N-CARES was in line with the FG priorities; as outlined in the ESP.
The Federal Steering Committee is made up of ministers; as well as permanent secretaries; while the technical committee comprised directors of key MDAs.
She said that members of the committees were selected in line with the role their MDAs played in the recovery of the Nigerian economy; as well as the fulfillment of lifting 100 million people out of poverty.
According to Ahmed, the major role of the steering committee was to provide overall policy direction for the implementation of the programme; and also advise the president appropriately.
“Also, the federal technical committee would be responsible for the programme oversight; overall guidance, support; coordination; strategic direction; review and also approval of the annual work programme; as well as budget for the Federal CARES Support Unit (FCSU).”