COVID-19 and the economy: Buhari pledges to protect Nigerians, as FG bans travel to high risk countries

President Muhammadu Buhari has said that Nigeria has foreseen the economic problems that may come in the wake of the Covid-19 pandemic, and will explore all alternatives to protect her people.

He spoke Tuesday at State House, Abuja, during a briefing session by the Presidential Economic Advisory Council (PEAC) led by Professor Doyin Salami, according to a statement by Femi Adesina
his Special Adviser (Media and Publicity).
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With oil prices oscillating between 29 and 30 dollars in recent times, as opposed to the 57 dollars benchmark for year 2020 Budget, President Buhari said many variables, including production cost and political impact, determine oil prices, “and we will see how to survive fallen prices, as we already envisaged the problem.”

He explained that protecting the people from vagaries of international economic fortunes, and associated fallen prices of oil, is a priority of government, “and we will do our best to do so.”

Stressing the importance of education and healthcare, the President submitted that if people were adequately educated, “they won’t accept any form of mismanagement by leadership, nor would they allow themselves to be manipulated by those promoting ethnic and religious sentiments.”

He promised that inputs in agriculture, education and healthcare would continue as much as practicable.

In his briefing, Professor Salami, leading a team of PEAC members, painted sobering scenarios of what could happen to the Nigerian economy, if the Covid-19 pandemic lasted for too long. These include; slower growth, as the supply and demand sides of global economy would be affected, uncertainty, which would erode confidence, governments acting unilaterally instead of cooperatively, further drop in oil prices, and lockdowns gaining grounds around the world.

There would also be oil glut, trade imbalance, drop in foreign reserves, and rise in unemployment.
Noting that many countries round the world may go into economic recession, the PEAC advocated hard work for Nigeria to keep its head above the waters.

Recommending, among others, a possible revision of the 2020 Budget, with priority spending on healthcare, reprioritization of expenditure on infrastructure to focus on projects nearing completion with pro-poor effects, curtailing recurrent expenditure, mobilizing the private sector to strengthen health sector infrastructure, and boosting of government revenue, the PEAC stressed that the projections may seem dire, but the worst may be avoided with hard work and scrupulous implementation of policies.

Ban

By Victoria James/Okon Okon

Meanwhile, the Federal Government has placed a ban on travel by public servants to countries highly affected by the COVID-19 pandemic disease.
Mr Boss Mustapha, the Secretary to the Government of the Federation (SGF), announced this on Tuesday after a closed door meeting with the Presidential Task Force Committee on COVID-19 in Abuja.
The countries are China, Iran, South Korea, Germany, Italy, USA, UK, Switzerland, Norway, Netherlands, Spain, France and Japan.
Mustapha said the committee after its meeting concluded that all officials in the Ministries, Department and Agencies, including parastatals must stop all forms of travels out of the country for whatever reasons.
“At the conclusion of the inaugural meeting of the Presidential Task Force on the control of COVID-19, the committee has reached some decisions.
“We have decided to advice all officials in the Ministries, Departments and Agencies including parastatals, that government has banned all forms of travels out of the country for whatever reasons.
“Whether for meetings, bi-lateral, multi- lateral, conferences, seminars, workshops and any form of other ceremonies.
“And this ban will remain in place until further notice and until the situation of pandemic nature of the COVID-19 stops.
“By this notice, any prior approval to travel abroad on official assignment during this period is accordingly resisted,” he said.
According to him, the committee has decided to urge that the Federal Government should scale up the nation’s health emergency system to the highest level and put in place measures to curb further spread of the disease.
The committee headed by the SGF also advised the citizens strongly in their own interest to cancel or postpone all non-essential travel abroad including business and vacation trips.
“This is so, especially when it comes to the countries known to be seriously affected by the COVID-19.
“Secondly, we urge anyone returning to Nigeria from any country to strictly self isolate for 14 days.
“And that all people returning from countries with high community transmission rate, especially countries that have recorded a thousand cumulative cases and above would be actively isolated for 14 days by the health authorities,” he said.
The nation’s chief scribe said that the Nigerian government was also in support of measures taken by the government of other countries, particularly high burden countries who have urged their citizens to stay home and avoid non-essential travels.