In Nigeria, we are taking a two-step approach. First, to protect the lives of our fellow Nigerians and residents living here and second, to preserve the livelihoods of workers and business owners to ensure their families get through this very difficult time in dignity and with hope and peace of mind. – President Buhari

The Federal Government of Nigeria is rolling out several measures and directives on healthcare, border security, and fiscal and monetary policies in response to the pandemic. More measures are coming.

The President has set up an Economic Sustainability Committee chaired by Vice President Osinbajo, to develop a comprehensive economic plan to respond to the disruptions and dislocations caused by the COVID-19 pandemic.

The President has also set up a Presidential Task Force on #COVID-19, chaired by the Secretary to the Government of the Federation, Boss Mustapha, with Dr. Sani Aliyu as the National Coordinator. The PTF is coordinating Nigeria’s multi-sectoral inter-governmental approach to COVID-19.

The President also set up a Committee made up of the Minister and Minister of State of Finance, Budget and National Planning, Minister of State Petroleum Resources, Governor of the Central Bank of Nigeria and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), to assess the impact of COVID-19 on the 2020 Budget and to recommend appropriate and immediate response strategies.

President Muhammadu Buhari has approved the following Federal Interventions:

  • The Nigeria Economic Sustainability Plan (NESP), developed by the Economic Sustainability Committee (ESC), established by the President on March 30, 2020, and chaired by Vice President Yemi Osinbajo. The NESP has been developed as a 12-month, 2.3 Trillion Naira ‘Transit’ Plan between the Economic Recovery and Growth Plan (ERGP) and the successor plan to the ERGP, which is currently in development. The NESP will be funded as follows:

    • 500 billion Naira from Special FGN Accounts

    • 1.1 trillion Naira from the CBN in the form of structured lending

    • 334 billion Naira from external bilateral/multilateral sources

    • 302.9 billion from other funding sources

  • The 500 billion Naira component of the NESP is a COVID-19 Crisis Intervention Fund, meant for the upgrading of health facilities nationwide, and also to finance a national Special Public Works Programme, as well as any other interventions that may be approved in the future.
  • Release of 70,000 Metric Tonnes of Grain for distribution to poor and vulnerable households across the country.
  • Commencement of a three-month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans, with immediate effect.
  • Commencement of a three-month moratorium for all Federal Government funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank.
  • Establishment of a Joint Technical Task Team to facilitate the movement of food and agricultural inputs across Nigeria, during the Coronavirus lockdown.
  • Expansion of the National Social Register (official database for implementation of the Conditional Cash Transfer programme) by 1 million additional households.
  • Implementation of a Modified version of National Home Grown School Feeding Programme (NHGSFP), to deliver dry food rations to households of pupils already benefiting from the NHGSFP.
  • A Support package for the Terrestrial Broadcast Industry (all functioning, licensed Terrestrial Radio and Television stations in Nigeria), that includes:
    • A Debt Forgiveness scheme, covering arrears of license fees, to take effect from July 10. Under the terms of this scheme, there will be 60% forgiveness on outstanding licensing fees debt, on the condition that the balance of 40% be paid within 3 months.
    • A 2-month licence-fee waiver granted to all terrestrial broadcast stations in May 2020
    • Going forward, from July 10, 2020, a 30% discount on license fees for all Open Terrestrial Radio and TV services.