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Business News of Tuesday, 21 July 2020

Source: www.mynigeria.com

CA-COVID mobilises N32bn to support economy

The Coalition Against Covid-19 (CA-COVID) has mobilised N32bn to support the economy.

In the Communiqué No 131 of the Monetary Policy Committee meeting, the MPC commended the CBN-coordinated CA-COVID private sector intervention scheme for mobilising over N32bn to support the economy, lives and livelihoods.

The committee expressed optimism on the future impact of the N50bn household and SME facility, out of which N49.19bn had been disbursed to over 92,000 beneficiaries.

It said the N100bn healthcare and N1tn manufacturing and agricultural interventions would support the rebound in growth from the impacts of the pandemic on the economy.

The MPC noted that the current coordinated efforts by the Federal Government to contain the COVID-19 pandemic would reposition the economy on a sustainable path of rapid recovery.

The committee welcomed the government’s articulated fiscal stimulus to cushion the impact of the pandemic on households and businesses, through various palliatives and fiscal incentives and reiterated the need for effective and timely implementation.

According to the MPC, there is an utmost need for both the monetary and fiscal authorities to collaborate for the optimal synergy for measures targeted at reviving the economy.

The committee called on the government to sustain its efforts at diversifying revenue sources and ensure fiscal prudence, particularly, with the use of the recent grants and multilateral concessionary loans.

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