The Vice President, Yemi Osinbajo, stated the Federal Government is at work with the Central Bank of Nigeria to assist borrowers to restructure their loans as part of attempts to lessen the effect of COVID-19 pandemic.
Osinbajo said this in a statement on Sunday by the Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Laolu Akande, titled ‘FG will use part of N2.3tn ESP stimulus as buyer of last resort – VP Osinbajo.’
The statement said he revealed this at the virtual edition of the 2020 presidential policy discussion of the Lagos Chamber of Commerce and Industry.
As part of actions put in place to help small businesses, he said, “Working with the central bank, we try to ensure that we are able to put in place a system whereby many businesses that have taken loans will be able to restructure those loans.
“This is an ongoing conversation and we intend to keep the banks reassured that allowing generous restructuring programmes will be supported by the central bank and that the central bank will not throw them under the bus.”
He said the priority of the Federal Government in reaction to the economic trials presented by COVID-19 essentially to ward off a deep recession and to save jobs.
“We are hoping to do by a mixture of stimulus measures to support local businesses; the essence being to retain jobs and to ensure that we create the best possible circumstances for the most vulnerable in the society,” he said.
Osinbajo said the Federal Government established the Economic Sustainability Plan with a stimulus package of N2.3tn to offer boost to the economy across a number of sectors.
The size of the stimulus around 1.5 per cent of national revenue or Gross Domestic Product, he said.