COVID-19: Experts laud FG’s measures, seek more
COVID-19: Experts laud FG’s measures, seek more
Measures
By Chinyere Joel- Nwoekoma
Lagos, March 30, 2020 (NAN) Financial experts on Monday commended President Muhammadu Buhari for measures announced to curb COVID-19, but sought more from the government.
The experts, who spoke with the News Agency of Nigeria (NAN) in Lagos, were reacting to the president’s national broadcast on measures to curb the spread of coronavirus in the country.
They also urged Nigerians to prioritise expenses, with emphasis on food and medicine, in the present critical circumstances.
NAN reports that Buhari on Sunday ordered lockdown of the Federal Capital Territory, Lagos and Ogun states to check the spread of COVID-19.
Buhari, in a nationwide broadcast, said the lockdown, which would begin at 11pm on March 30, would be for an initial period of 14 days.
He said that during the lockdown, residents of the FCT, Lagos and Ogun states, except for some exempted categories, should stay at home.
Uche Uwaleke, a Professor of Finance and Capital Market at the Nasarawa State University, Keffi, told NAN that the lockdown in the most-affected states was commendable to contain the virus.
Uwaleke stressed the need for a deferment in the implementation of the Value-Added Tax (VAT) and new electricity tariffs in line with economic realities.
“We expected the President to announce a deferment in the implementation of the VAT increase, which commenced in February, and the new electricity tariffs expected to kick off in April,” he stated.
The don noted that the lockdown in the most-affected states was commendable in the hope that it would be relaxed after two weeks, following the flattening of the COVID-19 pandemic curve.
“The good news is that the President also announced exemptions, especially for pharmaceutical and food companies who would be allowed to operate, including the ports.
“Equally salutary is the moratorium on Federal Government-funded loans as well as the cash transfer to the vulnerable groups and relief materials for satellite town dwellers in the affected states,” Uwaleke said.
According to him, Nigerians need to reduce spending by prioritising expenses with emphasis on food and medicine.
“No family can afford to waste food now. Clothing and other non-essentials should be deferred.
“The same applies to persons who belong to groups/associations that require monthly or annual dues.
“All those should be postponed. Complying with the stay at home advice by the government will reduce transport costs,” Uwaleke said.
Also, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., lauded the President’s directives and measures to curb the spread of the deadly virus, but said they could have come earlier.
Omordion said COVID-19 had affected the global economy with crash in oil price and border closure, noting that global recession was obvious.
He stated that proper implementation of the Central Bank of Nigeria interventions and other stimulus would help in curbing coronavirus-induced recession.
Mr Moses Igbrude, immediate Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), urged Nigerians to adhere to the instructions given by the government and health professionals.
Igbrude said Nigerians needed to adjust to the present economic realities by economising whatever they had in stock.
“In order to survive under the present condition, everybody should adjust and economise whatever they have in stock,” he said. (NAN)
JNC/COF/SOA
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Edited by Oluyinka Fadare/Oluwole Sogunle