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GDP: Presidency says Economic Sustainability Programme yielding positive results

The Presidency in Nigeria has said that the Federal Government’s Economic Sustainability Programme to cushion the socio-economic effects of Covid-19 is already yielding the desired results.

In a reaction to the latest GDP figures released by the National Bureau of Statistics, NBS, Special Adviser to the President on Media and Publicity, Femi Adesina, said ”the overall decline of -6.1% for the 2nd Quarter of 2020 and -2.18% for the 1st of 2020 was better than the projected forecast of -7.24% estimated by the National Bureau of Statistics.”

The National Bureau of Statistics report shows that Nigeria’s GDP declined by –6.1%, year-on-year, in real terms, in the second quarter of 2020, ending the 3-year trend of low, but consistently improving positive real growth rates, recorded since the 2016/17 recession.

Adesina said: “The overall decline of -6.1% for the 2nd Quarter of 2020 and -2.18% for the 1st of 2020 was better than the projected forecast of -7.24% estimated by the National Bureau of Statistics.”

On the fiscal side, Adesina said a robust financing mechanism has been designed to raise revenue to support humanitarian assistance, in addition to special intervention funds for the health sector.

“The moratorium on loans, credit support to households and industries, regulatory forbearance and targeted lending and guarantee programs through NIRSAL were some of the measures implemented in response to the pandemic during the second quarter,” he said.

Adesina added that “the Presidency expressed satisfaction with the anticipated health impacts of the pandemic have been managed without overwhelming the health infrastructure, which would have further compromised the ability to re-open the country to travel, commerce and international trade.”

The Presidential spokesperson also said as the country begins the gradual loosening up of restrictions, and levels of commercial activity increase by people returning to their various livelihoods and payrolls expand, it still remains imperative that all the necessary public health safeguards are respected to avoid an emergence of a second wave.

 

 

Source: Voice of Nigeria