Economic stimulus refers to various efforts by the government to apply a fiscal policy or economic policy to stimulate the economy by increasing consumer confidence and boost economic activity so that businesses and households can regain momentum and get back on their feet.
The Nigerian Federal government ealier approved the appointment of Dr Abdulkarim Ali Obaje, as the National Coordinator (NC) for Federal CARES Support Unit, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) being implemented in the 36 States of the federation and the FCT.
The appointment has been endorsed by the World Bank Nigeria Office. In the appointment letter, signed by the Minister of State, Budget and National Planning, Prince Clem Ikanade Agba. The minister noted that the appointment was based on Dr Obaje’s track record of service to previous World Bank-supported programmes of the Nigerian government.
The Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) is an initiative of the Federal government of Nigeria with assistance from the World Bank to mitigate the effect of COVID- 19 on the rural economy using CSDP, Fadama and Bank of Industry platforms.
We are set for the Implementation of Economic Stimulus (OG-CARES) – Commissioner for Finance
The Ogun State Commissioner for Finance and Chief Economic Adviser to Governor Dapo Abiodun, Mr Dapo Okubadejo said that necessary humanitarian and material resources are in place for the take-off of Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) in Ogun State. programme.
The programme launched by the Federal Government recently will be supported by World Bank to enhance the livelihood of the poor and vulnerable households, ensure food security activities and capacity building of the people across the country.
Mr Okubadejo revealed this in Abeokuta when a team from the Federal Project Support Unit (FPSU), Abuja, visited the State and delivery platforms agencies to ascertain level of preparedness towards the commencement of the programme.
The Commissioner, who was represented by the Senior Special Assistant to the Governor on Development Partners’ Coordination, Mr.Bayo Adenekan, stated that the Prince Dapo Abiodun led administration was concerned about welfare and well-being of the residents, maintaining that government would continue to execute projects and programmes that have direct impact on the people.
” Ogun State Government is ready to implement OG-CARES and we are set for its commencement in July, this year across the State”, Okubadejo maintained.
In his remarks, the team leader and Director Federal Ministry of Trade and Investment, Mr Bakare said the 2-year implementation time frame was sacrosanct, with the mandate to ensure that its goal was achieved.
“We are here in Ogun State to check if the needed infrastructure is in place towards the commencement of the new programme that is about to start in July 2021. The purpose is to see what is on the ground and brainstorm to achieved the desired result.
“There should be no room for failure as the project has a limited time frame which is between year 2021 and 2023”, Bakare said.
While charging officers in the delivery platform agencies on ‘result for the programme’, the Director said they should be proactive and efficient.
According to the World Bank
The World Bank Group (WBG) new 5 years Country Partnership Framework (CPF) from 2021 to 2024 with a $1.5-billion package approved to help build a resilient recovery post-COVID19. Nigeria is at a critical juncture now and needs World Bank supports.
With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5 million Nigerians into poverty.
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