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N2.3trn Stimulus Plan Saved Nigeria From COVID-19 Economic Disaster, Buhari Claims
President Muhammadu Buhari has disclosed that but for the Federal Government’s stimulus plan of N2.3trillion, the economic disaster that could last for years as a result of the outbreak of the COVID-19 pandemic, could not have been averted.
He made the disclosure in Jos, the Plateau State capital at the weekend during the graduation ceremony for Senior Executive Course (SEC) 43 participants of the National Institute for Policy and Strategic Studies (NIPSS).
Represented by Vice President, Prof. Yemi Osinbajo, Buhari, who noted that the damage done to the economy by the pandemic and the global lockdown was enormous, further disclosed that the economic agenda was still in place.
According to him, Nigeria was in talks with the World Bank to raise $30million to establish bio vaccine plants in the country to facilitate local production of the COVID-19 vaccine.
He added that that the country’s GDP contracted to 6.10 per cent during the second quarter of 2020, even as oil price at one point went down to as low as about $10per barrel before it finally settled at about $45per barrel during the second quarter of 2020 as a result of the pandemic.
“Unemployment went up to 33.3per cent in the fourth quarter of 2020. The transportation sector declined by 49per cent, the hospitality sector fell 40per cent, the education sector fell 24per cent, real estate declined by 22 per cent, trade declined by 17per cent and construction declined by 40 per cent.
“Nigeria was in a terrible economic situation and response, the President took two swift steps; One was to set up a small inter-ministerial committee headed by the Minister of Finance, Zainab Ahmed, to quickly work out the implications and the immediate mitigation for the economic shocks we were headed for,” he explained.
Osinbajo, who spoke specifically on what Buhari did to avert economic disaster, stated that the “second thing the president did swiftly was to direct a team of ministers and inter-agency heads to draw up a 12-month economic emergency plan, which became known as the Economic Sustainability Plan.
“We were clear that the only way of avoiding an economic disaster that could last for years was for the government to essentially put forward a major fiscal stimulus plan. Such a plan must have clear objectives of saving jobs and creating new ones, supporting businesses that may close down, and employees that may not be paid during lockdowns, and, of course, healthcare support to reduce the COVID-19 caseload. So, we promptly put forward a stimulus plan in the order of N2.3trillion,” he explained.
According to him, “We took quick fiscal measures, including grant of additional moratorium of one year on CBN intervention facilities; reduction in the interest rate on intervention facilities from nine to five per cent; grant of regulatory forbearance to banks to give borrowers some breathing space, including through restructuring of outstanding debts.
“The CBN also reports the disbursement of N798billion to 3.9million smallholder farmers under the Anchor Borrowers Programme, N134.6billion to 38,140 beneficiaries under AGSMEIS and N343billion to 726,158 beneficiaries, the release of N1trillion to 269 real sector projects, and N103billion disbursed to 110 healthcare projects,” he added.
He said that the main fiscal policy challenge facing Nigeria was inadequate revenues, especially in the face of lower oil revenues.
He said it was essential to improve tax administration, vigorous collection of all revenues due to the Federal Government from its Ministries, Departments, and Agencies (MDAs); bring all high earning agencies into the federal budget.
“Concurrently, we must lower customs duties and tariffs on raw materials and intermediate goods used in manufacturing while giving reciprocal, non-tariff-based support like procurement, subsidies, and tax breaks to priority sectors”.
He charged the new graduands to team up with his administration to build a better future for Nigerians.
Earlier, the Director-General of NIPSS, Brigadier General Chukwuemeka Udaya (rtd), had said that 85 Senior Executive Course participants passed out during the graduation ceremony.
He said that the participants toured 14 states within Nigeria and also visited six African countries and five countries outside the continent in the course of the Senior Executive Course which began in February, 2021.
He added that the participants had been well equipped through rigorous and intense research and training processes to contribute to the Nigerians government’s strategic plans and actions towards getting things done in their different roles and capacities.
Plateau State Governor, Simon Lalong; and the Sultan of Sokoto, Muhammdu Sa’ad Abubakar, were among other dignitaries that attended the graduation ceremony.
News
Police Rescue Kidnapped Victim, Recover Stolen Vehicle
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Operatives of the Edo State Police Command have rescued one Osazee Okugbowa from suspected kidnappers.
Moses Yamu, the command’s spokesperson, disclosed this in a statement yesterday, stating that the victim was rescued by operatives of Ologbo Division, Ikpoba-Okha Local Government Area, on Friday, 8th February 2025, at about 5 pm.
Yamu said the victim was kidnapped on 7th February, 2025 by five armed men from his residence in the presence of his family in the Power Line area of Owanoba community.
He stated that the victim had since been reunited with his family after receiving medical attention.
He, however, added that the command is on the trail of the suspects in a bid to arrest them.
Meanwhile, Yamu disclosed that the command has recovered a silver-coloured Toyota Yaris with registration number 535 DR, which was snatched from its owner at gunpoint at Upper Mission Road Extension in Benin City.
He said the car was recovered by operatives of the Okuaihe Division in Uhunmwonde Local Government Area, following a distress call received on 6th February 2025.
He added that the operatives intercepted and pursued the car snatchers, who abandoned the vehicle at Iguomon Community along the Benin-Agbor Road.
Yamu said the car has been handed over to its owner while efforts are ongoing to identify and arrest the suspects.
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Soludo Rebagged FG Rice Shared To APGA Members-APC
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The All Progressives Congress, APC, in Anambra State has protested the dominance of the Chukwuma Soludo-led All Progressives Grand Alliance, APGA, in the affairs of the President Bola Tinubu-led Federal Government.
The party chairman in the state, Mr Basil Ejidike while speaking at the weekend said the dominance of Soludo in affairs that concern Anambra even at the federal level has become a challenge to the state chapter of the APC.
He said all appointments coming to Anambra from the Federal Government had nominees from APGA, while even rice distributed to all states to cushion the effect of hardship had Anambra’s share rebagged with the picture of the governor and distributed to only APGA members last Christmas.
Appealing to Tinubu, Ejidike said, “Sir, may I seize this opportunity to draw your attention to some challenges confronting the APC in Anambra State, that require your kind intervention.
“The issue of appointments made by the Federal government without recourse to the party is inimical to the growth and success of the party in our state, as these appointees do not reckon with the party at the state level.
“Whereby, most of those who have made and are still making heavy sacrifices for the party have not been adequately rewarded and appreciated, many of those who have gotten juicy Federal Government appointments in the past were mainly non-party members, drawn especially from our rival All Progressives Grand Alliance (APGA).”
He said the trend has not served as a source of inspiration or motivation to party members, and is threatening its strength and enthusiasm of emerging victorious in the Anambra 2025 project.
“At the ward, local government and state levels, our members are being discriminated against, as APGA does not recognize or reckon with those who are not their members in the distribution and allocation of government appointments and incentives.
“More worrisome is the fact that what we as a state get from the federal government as incentives and palliatives are usually sent through the state government.
“Sequel to the above, non-APGA members are denied access to them. It is on record that bags of rice sent as palliatives by the federal government were repackaged, and Governor Soludo’s pictures and APGA logo embossed on those bags, thereby giving the impression that they were provided by the governor.
“This arrangement has continued to diminish our party’s influence and reach within the state, and we are terrified to say the least.
“APC in Anambra have come with a passionate appeal, asking that you (Ganduje) intervene and save our members in Anambra from neglect.
“Your kind intervention, Sir, will bolster the morale of our committed party men and women towards the task ahead,” he added.
News
2025 Budgets: I Hope Snake, Monkey Won’t Swallow This One-Atiku
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Former Vice President of Nigeria, Atiku Abubakar, has cautioned against the misappropriation of funds allocated to the health sector in the 2025 budget, referencing past bizarre claims of animals—such as snakes, termites, gorillas, and monkeys—being blamed for missing public funds. He stressed that such absurd incidents must not be allowed to happen with resources meant for healthcare.
Amid dwindling resources and reduced external support for healthcare services, Abubakar emphasised the need for transparency and accountability in the government’s $1.07 billion budgetary appropriation for the health sector. He called for mechanisms to ensure public audits and proper utilization of every kobo earmarked for healthcare.
The former vice president specifically questioned the government’s failure to provide a detailed breakdown of how it intends to spend over a billion dollars in the primary health sector. He noted that while investment in primary healthcare is crucial for providing Nigerians with accessible and affordable medical services, it would be unethical for the government to allocate such a significant sum without disclosing its intended use.
“The Federal Government has announced plans to spend a whopping $1.07 billion in the primary health sector, in addition to the N2.48 trillion initially proposed for healthcare in the budget,” Abubakar noted.
“What is even more concerning is that this additional funding is largely sourced from foreign loans, with a small portion coming from an international donor agency. Since these loans must be repaid, Nigerians have the right to know the full details and ensure that the expenditure is transparent and well-justified,” he added.
Abubakar further criticized the government for failing to commit to any physical infrastructure projects within the health sector, suggesting that this raises red flags about potential mismanagement or fraud.
According to the government, the funds will be used to improve governance in healthcare and strengthen primary health services nationwide, including recruitment, training, and retention of healthcare workers and teachers. However, Abubakar argued that the government has a poor track record in managing public funds, particularly in humanitarian services, and that Nigerians should not accept vague explanations without clear accountability mechanisms.
“It is difficult to trust this administration’s claims, especially given its history of misleading Nigerians about investments in social infrastructure,” he said.
He pointed out the government’s misleading statements about improvements in tertiary hospitals, despite the reality that many of these institutions lack basic amenities, such as stable electricity supply.
“The Tinubu administration has failed in the health sector due to poor funding. Major diseases in primary healthcare, including malaria, tuberculosis, and HIV/AIDS, remain critical challenges. If this government is truly committed to healthcare, it must clarify how it plans to use this intervention fund to tackle these diseases,” Abubakar stated.
He also criticized the government’s response to the recent withdrawal of American aid for HIV/AIDS treatment, noting that its proposed intervention of N5 billion is grossly inadequate.
“If the Tinubu administration does not present a clear framework for managing this significant health sector investment or subject it to proper legislative scrutiny, then it may be safe to conclude that this is yet another case of public funds being mismanaged under the guise of serving Nigerians,” Abubakar concluded.
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