Nigeria to unveil fiscal monetary plan to counter oil slide coronavirus

Nigeria is set to unveil a fiscal-monetary plan to mitigate the impact of the decline in oil prices and the COVID-19 pandemic on its economy.

According to reports, the plan is aimed at addressing the country's fiscal and monetary challenges, including the decline in oil revenues, which has resulted in a significant reduction in government revenue.

The plan is expected to include measures such as:

  1. Fiscal adjustments: The government is expected to implement fiscal adjustments to reduce its expenditure and increase its revenue. This may include reducing government spending, increasing taxes, and implementing other revenue-generating measures.
  2. Monetary policy reforms: The Central Bank of Nigeria (CBN) is expected to implement monetary policy reforms to stabilize the financial system and support economic growth. This may include reducing interest rates, increasing liquidity, and implementing other monetary policy measures.
  3. Support for small and medium-sized enterprises (SMEs): The plan is expected to include measures to support SMEs, which are critical to the country's economic growth and development. This may include providing financing, training, and other forms of support to help SMEs overcome the challenges posed by the pandemic.
  4. Investment in infrastructure: The plan is expected to include investments in infrastructure, such as roads, bridges, and other public infrastructure, to support economic growth and development.
  5. Social protection programs: The plan is expected to include social protection programs to support vulnerable populations, such as the poor and the unemployed, who have been disproportionately affected by the pandemic.

The unveiling of the fiscal-monetary plan is expected to be a significant step towards addressing the challenges posed by the decline in oil prices and the COVID-19 pandemic, and towards promoting economic growth and development in Nigeria.

Here are some key points to note: