National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu has advised the federal government to spend massively out of the economic hole incepted by the novel Coronavirus.
Tinubu said the measures at curtailing the economic crisis caused by the virus must be addressed with keen interest coupled with rays of urgency. The APC national leader aired the advise in a paper titled ‘Economic Policy-Coronavirus Economic Stimulus Program. He called for the suspension of 5% fiscal responsibility law which places a lid on the amount of money government could spend. Tinubu noted that Fiscal Responsibility act prohibit Fiscal deficit of more than 5% of GDP and as such makes governments spend more than it makes.
Tinubu pointed out that majority of the country’s economical problems are more of recessionary than inflationary, and opines that 5% budgetary limit be suspended for this fiscal year and increase it up to 30% enable the federal government to make expenditures needed to save the economy and the people in this trying time.
He said, “Our goal must be that the people live neither with disease nor in hunger. This situation presents a historic chance to establish a more beneficial social contract between government and the governed. If we so use this moment, it will be recorded as a pivotal one in our national history. If we allow this moment to slip, history will not be obliged to treat us with great mercy.”
Tinubu claimed that steps will aid the Federal Government to render emergency sustenance relief to all affected sectors in the country. as he acknowledged that the line of expenditure will be in the inception of local produce,” not to import” as it would help defeat inflation.
The political gladiator further urge the federal government to incept a pay roll support to companies and unemployed individuals, he however added that payment of these stipends will require hiring additional government workers to augment the existing bureaucracies to implement the program, however, it will help boost employment and aggregate consumer demand.
The former Governor of Lagos State implored Financial agencies in Africa, world Bank and CBN to display their dexterities in aiding the nation to combat all economical issues the country might will because of the pandemic.
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