President Muhammadu Buhari has directed a repositioning of the economy, starting with a review of 2020 budget to reflect realities in oil sector, and prioritizing health sector infrastructure to respond to the threats posed by COVID-19.
This is as the Federal and some state Government have been ordering the shut down of schools across the country
President Buhari, according to a statement by Garba Shehu, his Senior Special Assistant (Media & Publicity), gave the directive on the economy after the 2nd Regular Meeting of the Presidential Economic Advisory Council (PEAC), which also recommended securitization of government debt, design and institutionalization of a revenue stabilization program and the imperative of cutting the cost of governance at all levels.
At the meeting, held in the State House, the President agreed with the Advisory Council on the need to prepare the country to take the necessary tough economic decisions, including embark on a national agenda of stakeholder mobilization – bringing the National Assembly, government organs, private sector and civil society together around a programme to respond to the major challenges confronting the nation.
Highlighting immediate and short-term measures to consider and implement in order to mitigate any adverse economic effects, the meeting reviewed the COVID-19 pandemic and its potential economic spill-over effects on the global and Nigerian economy.
The meeting with the Advisory Council reviewed the state of the Nigerian economy and noted its continued fragility and vulnerability to external shocks in spite of recent gains in output growth. It also noted, with concern, the changing economic fundamentals – as manifested in a renewed cycle of rising prices and weaknesses in the external sector.
The meeting also considered indirect effect that would come through the impact of the pandemic on Nigeria’s other trading partners and the global economy, with implications of global recession that could slow down Nigeria’s fragile growth and trigger exchange rate re-alignment.
By Ruth Oketunde
As part of measures to tackle the pandemic, the Federal Government has ordered the closure of all the 104 Unity Schools in the country from March 26 as a proactive step aimed at preventing the spread of the dreaded Corona virus.
The Permanent Secretary, Federal Ministry of Education, Mr Sonny Echono who gave the order on behalf of the Minister of Education, Malam Adamu Adamu, said all the Principals of the Unity Colleges should fast track the on-going second term examinations and close shop until further notice.
The closure was announced in a statement by Mr Ben Goong Director, Press and Public Relations in Abuja, on Thursday.
The Minister said the management of all the Unity Colleges should immediately activate the necessary emergency procedures and processes such as the provision of alcohol based sanitizers and hand washing facilities among others.
He said that students should strictly adhere to the principles and best practices of good hygiene.
He also directed the Principals to immediately report any suspicious case to the nearest health authorities, emphasising that nothing should be taken for granted at this delicate time of the global pandemic
States such as Lagos, Plateau, Adamawa, Ondo, and Kano have directed the closure of schools within their jurisdictions, the University of Lagos recently postponed its convocation ceremony while the Lagos State University, LASU, has followed suit.
Sporting activities, meetings and other events are also being cancelled, all as measures to prevent the spread of coronavirus.
