Asiwaju Bola Ahmed Tinubu has advised the FG on measures to put in place in case the global Coronavirus pandemic threatens the Nigerian economy.
This is coming after the Finance Minister Zainab Ahmed disclosed on Live TV that the Nigerian economy will slide into recession if the Coronavirus continues for 6months. She added that if for 3 months, though, the nation may still close the year on a profitable note.
The former Governor of Lagos State took to the streets of Twitter to reel out his suggestions in a series of tweets, noting that this is a sobering period for the nation. He noted that the nation is faced with a challenge that cannot be see but that can find us all too easily.
Afrer a few words of advise on Nigerians having compassion on one another at this critical time, Tinubu suggested that the FG maintain the government expenditures, reduce the interest rate on loans, reduce Valued Added Tax VAT and ensure the CBN prints out more naira notes, among other things.“Below are a few preliminary thoughts on the economic action we might take should the coronavirus mortally threaten our economy: 17. (1) MAINTAIN GOVERNMENT EXPENDITURES; (2) GOVERNMENT PROJECTS; (3) TAX REDUCTIONS; (4) FOOD SECURITY; (5) LOWER INTEREST RATES; (6) QUANTATIVE EASING; (7) EXCHANGE RATE; (8) DEBT SUSPENSION; (9) INCREASE STIPENDS TO THE POOR 18. The Central Bank should be prepared to enact extraordinary measures should the financial sector exhibit stress. The CBN should be prepared to give banks liberal access to its loan discount window to ensure adequate liquidity within the banking sector. Red also: Senate President Celebrates Tinubu On 68th Birthday, Says He’s An Inspirational Leader 19. Also to ensure liquidity, the CBN should be willing to expand its balance sheet and improve liquidity by purchasing government bonds and other instruments held by banks and other institutions. 19. The Cash Reserve Requirement for banks should be revised downward. Also to ensure liquidity, the CBN should be willing to expand its balance sheet and improve liquidity by purchasing government bonds and other instruments held by banks and other institutions. 20. In conclusion, I proffer these measures not as some comprehensive solution. I hope these ideas spark needed dialogue about the ways we may need to employ to protect our nation from assault by the coronavirus. I do not know if such a confrontation shall come“, he tweeted.