In News by Oluwaseun Samuel on the 17th, September, 2020

Survival Fund: How We Are Placing Cash In The Arms Of Nigerians

Survival Fund: How We Are Putting Money In The Hands Of Nigerians

Muhammadu Buhari and Yemi Osinbajo

The Federal Authorities is dedicated to ameliorating the pains and the destructive influence of the COVID-19 pandemic on Nigerians via the energetic implementation of the Financial Sustainability Plan in accordance with the Senior Particular Assistant to the President on Media and Publicity, Workplace of the Vice-President, Laolu Akande.

Mr. Laolu Akande acknowledged this in Abuja on Wednesday on the Channels TV morning present – Dawn Each day.

He additionally spoke at completely different occasions on the identical day on Contemporary FM radio station in Ekiti state; Bond FM, Radio One and Metro Radio, all primarily based in Lagos, in accordance with an announcement from the presidency.

Talking on the Financial Sustainability Plan (ESP) and the way it will raise Nigerians out of poverty, Mr. Akande assured Nigerians that the ESP, which was designed beneath the Financial Sustainability Committee chaired by Vice-President Yemi Osinbajo and permitted by President Muhammadu Buhari is anticipated to cut back the hostile financial results of the COVID-19 pandemic inside the nation in 12 months.

In keeping with him, “The plan units out to spend 2.three trillion naira to handle the financial fallouts of COVID-19 and forestall a deep recession within the nation. We do have on this plan, sure initiatives and measures which might be designed to assist the widespread man.”

Talking on the MSMEs supportive initiatives, Mr. Akande knowledgeable Nigerians on the current launch of the survival fund beneath the ESP.

He stated, “Subsequent week, we’re beginning the survival fund, which is part of this plan. From subsequent week, will probably be obtainable and people who find themselves potential beneficiaries will be capable to get extra data on”

“From subsequent week, the web site will likely be open for Nigerians who’ve MSMEs or who’re artisans, plumbers, electricians, transport staff, personal college lecturers or who belong to completely different classes beneath the survival fund”.

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Explaining how the funding for the ESP will likely be generated, Mr. Akande reiterated that the Buhari administration stays able to attaining a lot with little or no as has been made evident in its efforts in direction of infrastructural improvement and the social funding packages regardless of incomes lower than its predecessors.

He added that, “There are two broad sources of funding for the ESP. Now we have 500 billion naira from the finances, and we will likely be utilizing the Central Financial institution’s lending constructions and amenities to boost the lending points of this system and in addition some worldwide concessionary loans”

Talking on rising inflation, Mr. Akande restated that these are difficult occasions for Nigeria, Africa and globally and this has made it extra crucial for the administration to channel funds into the system to assist Nigerians, therefore the two.three trillion Naira stimulus ESP.

“With the administration’s assist via the Central Financial institution’s lending packages, rates of interest will likely be minimal to allow Nigerians get again on their toes. The vital factor at this level is to place cash in folks’s fingers and we have to do it urgently,”
he stated.

The spokesman addressed the problem of gas value hike and reminded Nigerians that the deregulation of the petroleum sector was in March this 12 months, implying that gas costs are usually decided by the worldwide value of crude oil.

“This explains why our native pump costs fell to N125 when worldwide oil costs fell in mild of the COVID-19 pandemic

“What we imagine is that, as a substitute of us to proceed a regime the place we closely subsidize the worth of gas, we must always transfer the cash we now have left in direction of measures that put cash in folks’s pockets,” he famous.

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Going additional he defined, “we don’t even have the sort of cash anymore, should you take a look at the 2020 revised finances, there was no budgetary allocation for gas subsidy and our income has dropped sharply by 60%.”

“However the vital factor is that since 2016, once we started to reorganize the petroleum sector, Nigerians have found that they’ll purchase gas with out lengthy queues. Gas is made obtainable and other people can purchase it.”

“We imagine that now we’re encouraging everybody to herald gas merchandise, finally, the costs will fall when we now have extra funding within the sector. That is what occurred throughout the telecoms deregulation. If you happen to keep in mind when it began, folks had been shopping for SIM playing cards for 50,000 Naira. With steady funding within the sector as a result of its deregulation, costs got here down to a degree that individuals now get the SIM playing cards free.”

“Now we have the PPRA who ensures that the customers are protected and that gas entrepreneurs do not need the leverage to boost costs indiscriminately, so there’s nonetheless safety.”

Mr. Akande spoke extra on alternate options to gas offered by the administration. He stated, “we’re working assiduously to supply Compressed Pure Gasoline (CNG) and Liquified Petroleum Gasoline (LPG) in order that Nigerians don’t rely upon gas alone.”

“A few of these initiatives have begun in some states resembling Edo and Rivers states. There may be plenty of progress in Edo state. Authorities goes to be funding a system the place folks can convert their vehicles from gas use to fuel. We’re doing all these to make sure that the typical Nigerian is in a position to save cash.”

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Talking on electrical energy tariffs, the SSA Media famous that majority of Nigerians won’t pay extra for electrical energy.

In his phrases, “Relating to the electrical energy tariffs, majority of Nigerians won’t be paying extra. It’s because, if you’re presently receiving beneath Eight-12 hours of electrical energy per day, your tariffs won’t go up.”

“In case you are requested to pay extra in that class, you have to tell us. It’s worthwhile to go to Nigerian Electrical energy Regulatory Fee (NERC) platforms on Twitter and Fb and report, in order that what the President stated is enforced.”

The Presidency official additionally spoke on agitations by labour teams over the scenario, stating that we’re all on this collectively as Nigerians.


Supply: Each day Belief

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