Sunday , 25 September 2022
Minister of State for Budget and National Planning, Prince Clem Agba

COVID-19: FG says aviation sub-sector to benefit from N2tr economic injection

FEDERAL Government through the Ministry of Budget and National Planning is has identified the aviation sub-sector as one of those slated the N2 trillion economic injection the nation is considering  as the sector loses almost N21 billion on a monthly basis since the Covid-19 pandemic.

Minister of State for Budget and National Planning, Prince Clem Agba disclosed at a webinar on “Citizens Dialogue Session on Government Fiscal Policy Decisions to the Fall in Oil Process and the COVID-19 Pandemic” organised by the Federal Ministry of Finance, Budget and National Planning and supported by Partnership to Engage, Reform and Learn (PERL) and the UK Department for International Development (DFID).

According to him, the injection is needed so the country’s aviation sector would stay afloat.

He said, “We are also looking at how to support the Aviation sector. Like you know, a lot of planes are parked, and this is causing almost N21 billion (loss) on a monthly basis. We are looking at how to provide some form of bailout support to ensure that the industry doesn’t die.”

“If we put all these together, including government funding, the funds we expect to get from CBN, Bank of Industry, and other multilateral agencies as well as grants that are being received, we expect to have about N2trillion going into the economy,” the planning minister noted.

Agba said, “All in all, when everything is put together, both government funding and the funds we are expected to get from the Central Bank of Nigeria (CBN), Banks of Industry and other multilateral agencies and grants that we are receiving, we expect to get a stimulus of about 2 trillion going into the economy.”

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