COVID-19: Bailout funds will boost Nigeria’s economy – capital market operator

Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration - RC15864538F0

By Simon Akoje
Lagos, July 21, 2020 A Capital Market operator, Mr Boniface Okesie, says there is need for the Federal Government to urgently give COVID-19 bailout funds to local companies to reposition the economy.

Okesie, President, Progressive Shareholders Association of Nigeria, told the News Agency of Nigeria (NAN) in Lagos on Tuesday that quick bailout would save businesses.

“ The funds are expected to give lifeline to many troubled indigenous companies as the coronavirus pandemic is not immune to any sector of the economy.

`Releasing the funds will recalibrate businesses,’’ he said.

According to him, the Federal Government might borrow more to execute the capital component of the 2020 Budget.

“Times have really changed, as the price of crude oil in the international market has been dwindling, owing to the pandemic.

“The pandemic affected demand for crude oil, which made the government to experience decline in projected revenue,” he noted.

He added that the Federal Government should give more attention to the health sector so as to save more lives.

“It is only a healthy workforce that can contribute adequately to national development,” he said.

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