Thread by @BryteDude

Global economic recession finally catches up with Nigeria as it joins a long list of other nations consisting of: Austria, Belgium, Canada, Denmark, Estonia, Finland, Hungary, Ireland, Italy, Latvia, Lithuania, Mexico, Netherlands, Norway, Romania, Russia, Spain, UK, USA...

While some are still debating who/what got Nigeria into a recession, the issue to me is: did the FG anticipate the recession? And the answer is: Yes, the recession was anticipated as COVID-19 made it obvious in the first quarter of the year.

So what did the FG do considering the recession was inevitable?

In preparation for the recession, the Presidency came up with developed the Economic Sustainability Plan (ESP) to help cushion the effect of the global recession, while positioning the country to bounce back.

Recall that the Vice President, @ProfOsinbajo, on behalf of the Economic Sustainability Community (ESC) presented the ESP to President @MBuhari on June 11, 2020.

The ESC was set up by Mr. President on April 2, 2020.

https://twitter.com/ProfOsinbajo/status/1271053034458615809?s=19

President @MBuhari and the Federal Executive Council (FEC) approves the ESP on June 24, 2020, and implementation commenced immediately.

The ₦2.3Trillion ESP was arrived at after due consideration of 4 scenarios...

Funding for the ESP are to be from 3 sources viz:

1- ₦500billion from Special Accounts
2- ₦1.11trillion of CBN's structured lending
3- ₦302.9billion from other funding sources.
4- ₦334billion from external bilateral/multilateral sources.

The objectives of the ESP include:

i- stimulating the economy by preventing business collapse...
ii- retain/create jobs via agriculture, housing & direct labour interventns
iii- investment in roads, bridges, solar power & comms tech.
iv- promote manufacturing & local production

v- extend protection to the extremely poor & vulnerable groups through pro-poor spending.

The ESP is based on 3 pillars:

1- Real Sector Measures
2- Fiscal & Monetary Measures
3- Implementation.

The ESP was expounded on in this thread by @NGRPresident on June 25, 2020, with a link for anyone interested in reading up in detail.

https://twitter.com/NGRPresident/status/1276157617866448896?s=19

Please note that the preparation, presentation and contents of the ESP were extensively communicated by the Presidency through conventional and new media, including @ProfOsinbajo's interactions with the UN Resident Coordinator, & his fireside chat with Nick Clegg

Ajuri (@AjuriNgelale) was shuttling between TV and radio stations explaining the content of the ESP and it's intended impact on the economy and lives of the people.

https://twitter.com/AjuriNgelale/status/1272559665864474626?s=19

With regards to implementation, we have seen the kickoff of @SurvivalFund_ng specifically targeting MSMEs, which comprises different components including the Payroll Support Scheme, Artisan/Transport Support & Formalisation Support.
It is under @TradeInvestNG

Recall that in March, the FG through @NirsalMFB, as funded by the @cenbank, introduced a ₦50bn Targeted Credit Facility to support households and MSMEs that were severely affected by COVID-19. Many people benefited from this, up to 2 weeks ago.

https://twitter.com/NirsalMFB/status/1244678172806991880?s=19

In the area of Housing, the FG through @cenbank introduced a financing initiative to support the ESP to fast track the deployment of 300,000 homes in the 36 states & the FCT, and to create up to up to 1.5m jobs in 5 years.

https://twitter.com/cenbank/status/1305812975559811072?s=19

With regards to local production & manufacturing, the @cenbank's intervention in the Cotton Textile and Garment sector between 2016-2020 has led to increase in the output of cotton production.

https://twitter.com/cenbank/status/1316771197510717440?s=19

Let's also remember that just last month, the FG commenced the rollout of the National Mass Metering Program which aims at providing FREE meters to millions of unmetered Nigerians. This programme is also funded via @cenbank

https://twitter.com/cenbank/status/1318479470983106561?s=19

The @cenbank also reduced interest rate on its intervention facilities from 9% to 5% (moratorium till 31st March 2021) to provide concessional lending for:
—N100bn to households & small biz
—N100bn to healthcare & pharma industry
—N1trillion to large agro & manufacturing business

Recall that it's the same @cenbank and the Bankers' Committee that put paid to the layoffs some banks initiated in April/May, 2020.

https://twitter.com/cenbank/status/1256997854809391109?s=19

Last month, the @NigeriaFMYS started receiving applications for the ₦75billion National Youth Investment Fund (NYIF).

Approval of the NYIF was granted by the Federal Executive Council (FEC) in July, 2020.

https://twitter.com/NigeriaGov/status/1286021148883509248?s=19

And just over 10 days ago, President @MBuhari flagged off the National Agricultural Land Development Authority (NALDA) in a bid to expand and modernize agriculture in Nigeria, while increasing opportunities for youth participation...

https://twitter.com/MBuhari/status/1326193869193682944?s=19

Let's not forget that the @FMHDSD has carried on with supporting the poor & vulnerable with the introduction of cash grants to rural women. This has been kicked off in Gombe, Ebonyi and the FCT...

https://twitter.com/FMHDSD/status/1326931315757903872?s=19

Furthermore, in the area of the Social Investment Programmes (SIP), @NasscoNigeria has continued to update the National Social Register of Poor and Vulnerable Households that is used by @HUPcct in disbursing stipends to beneficiaries...

https://twitter.com/NasscoNigeria/status/1329404331574104064?s=19

As you can see, there's a whole lot President @MBuhari's administration has done in preparation for the recession, and is still doing to ensure that the impact is not severe on Nigerians.

Nevertheless, some feel these initiatives are not properly communicated...

I do not agree with this. Every initiative by this administration is communicated across all available media. All FG initiatives are publicised on @NTANewsNow & @radionigeriahq, national dailies (print & online), social media platforms, etc...

From the President's personal handle, @MBuhari, that of the VP, @ProfOsinbajo, and all related handles @NGRPresident & @NigeriaGov, including those of @toluogunlesi, @AjuriNgelale & @BashirAhmaad. They all put these information out there, even on Instagram & Facebook.

The @FMICNigeria isn't left out. Same as handles of Federal Ministries on Twitter.

The @NigeriaFMYS, under the leadership of HM @SundayDareSD has held six consecutive virtual town hall meetings where he had other Ministers talk on initiatives under their ministries & agencies.

Where I feel the problem lies is on what we choose to focus on. People quietly apply to benefit for these initiatives, but come online to mislead their followers by deliberately misrepresenting the FG's intentions.

Whatever the case may be, this administration anticipated the recession and put plans in place for it. People are benefiting massively and silently from these initiatives, despite criticizing the FG all day. It's in our best interest to wake up to the opportunities.