Against the backdrop of Nigeria drawing $3.4 billion saving from International Monetary Fund (IMF), the Nigeria Employers Consultative Association ( NECA) has tasked Federal Government to place a tight monitoring mechanism on the funds to ensure that it is judiciously used for the purposes it was meant for.
The Director General of NECA, Timothy Olawale, said though the employers’ body was concerned about the Federal Government’s latest plan coming just after the President Muhammadu Buhari, approved the establishment of N500billion COVID-19 Crisis Intervention Fund and withdrawal of another US$150million from the Nigeria Sovereign Investment Authority (NSIA).
He further said the plan by the Federal Government to withdraw the sum of $3.4billion of Nigeria’s savings with the IMF, in order to combat the effect of the COVID-19 pandemic on the country’s healthcare system and the economy could be seen as commendable bearing in mind that all hands must be on deck to curtail the crisis.
He said, “We applaud the recent Fiscal policy directions by the Federal Government in curbing the spread of the COVID-19 pandemic. Though the lockdown decision in Lagos, Abuja and Ogun State is painful to businesses, it is, however necessary.
“The need to use all financial resources available to fight the spread and economic effects of the pandemic is not in doubt, government should, however, put in place a tight monitoring mechanism to ensure that funds are judiciously used for the purposes they are meant for.