According to Nigeria’s Minister of State for Budget and National Planning, Prince Clem Agba, the country’s economy will be boosted with the injection of a N2 trillion stimulus in response to the COVID-19 pandemic and a fall in oil prices which has affected Africa’s largest economy negatively.
Agba further disclosed that the government will explore ways of supporting the airlines in the country, as the aviation sector loses N21 billion monthly due to the pandemic.
Speaking at a webinar, Agba added that the Economic Sustainability Committee has outlined five broad policy objectives with which to deal with the problems.
“Of the $2.5 billion facilities from the World Bank, about $1 billion of it will go to the States as loans. These are concessionary loans. The President has already approved a N850 billion loan from the domestic capital market” Agba added.