The 36 States’ governors under the auspices of the National
Economic Council (NEC) have strongly recommended that public gatherings, such
as churches and school events should be discouraged and the maximum numbers in
any large gathering should be worked out by respective State governments.
The NEC also set up a Special Committee to coordinate
Federal and State governments’ response to deal with the fallout of the
Coronavirus pandemic.
The Committee which started deliberations immediately after
the NEC meeting on Thursday is chaired by the Vice President, Yemi Osinbajo,
SAN, with the Governors of Jigawa, Edo, Ebonyi, Nasarawa, Kaduna, Kebbi and
Ogun States as members.
The establishment of the Special Committee mandated to
coordinate the responses of the Federal Government and States especially as it
relates to the socio-economic implications of the pandemic on Nigerians, was
the major outcome of the Council meeting which featured several presentations
on COVID-19 ranging from the economic to the financial and public health
dimensions of the matter.
Briefing NEC on COVID-19 and Nigeria’s response, the
Minister of Health, Dr. Osagie Ehanire, the Minister of State for Health, Dr.
Olorunimbe Mamora and the Director-General, Nigeria Centre for Disease Control,
Dr. Chikwe Ihekweazu, noted that as at March 17, 2020, 152 countries are
confirmed with coronavirus.
The presentation disclosed that in Nigeria, there were 53
persons tested, 12 confirmed cases, zero deaths, 1 case discharged, and 3
states with confirmed cases were Lagos, Ogun and Ekiti States, while the type
of transmission showed six cases imported from Italy, United States of America
and the United Kingdom.
Ehanire who led the presentation said the strategic
objective of the response include early detection, confirmed cases and contact
tracing, developing and maintaining capacity to effectively manage cases, coordination
and communication with Nigerians, noting that about 80% of people recover from
the disease without the need for special treatment.
Details of the NEC meeting made available to DAILY POST
Laolu Akande, the Vice President’s Spokesman, added that the Secretary to the
Government of the Federation, Mr Boss Mustapha who heads the Presidential Task
Force also briefed Council on steps already taken by Federal Government to curb
the spread of the coronavirus in the country.
At the Council meeting, the following presentations on
COVID-19 were made:
Briefing on COVID-19 pandemic and Control Measures by the
Minister of Health.
Effect of COVID-19 pandemic on the Nigerian Economy by the
Chairman Economic Advisory Council
Effect of COVID-19 pandemic on the Nigerian Economy: What is
being done, by the Minister of Finance, Budget and National Planning.
Effect of COVID-19 pandemic on Nigerian petroleum revenues:
What is being done, by the Group Managing Director, Nigerian National Petroleum
Corporation.
Managing the effect of COVID-19 pandemic on monetary policy
by the Governor of the Central Bank of Nigeria (CBN).
According to statement, giving an update on the effect of
COVID-19 on the oil and gas sector, the Group Managing Director of the NNPC, Mr
Mele Kyari, said the pandemic has impacted negatively on crude oil production
and consumption and is further complicated by the quantity of crude oil
available before the pandemic came in, stressing that this has led to a sharp decline
in the price of crude oil to about $22 pb as today.
He said “the price of production now is higher than the
selling price of oil, making it very difficult for oil producing companies and
nations.”
He, however, noted that it is not a hopeless situation for
Nigeria as measures are being taken to curtail the negative impact it may bring
such as reducing the cost and increasing the production “even though budget
level for crude oil is $57pb and when the reality of $30pb comes to play, we
will still fulfill our obligation to FAAC.”
The NNPC boss also noted that the drop in crude oil price
has a significant impact on the price of petroleum products and as a result of
that change the price of petroleum products particularly PMS has been brought
down to N125 on Wednesday and all NNPC service stations have been directed to
comply.
NEC also got an update on the balances of the Excess Crude,
Stabilization, and the Natural Resources Development Fund, accounts.
The Excess Crude stood at $72, 220,756.74 as on 17th March,
2020, while Stabilization account was put at N35, 806,389,699.67 during the
same period. Natural Resources Development Fund account stood at N109,
360,903,475.60 during the period under review.
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