The Economic Sustainability Committee set up by President Muhammadu Buhari to propose action points that can address the economic challenges of the COVID-19 pandemic has proposed a unified exchange rate to increase FAAC payments.
The committee made several recommendations to the federal government presenting a scenario that requires a stimulus of N2.3tn. According to information contained in the ESC report, the committee settled for a “variant of scenario 3” which requires a stimulus package of N2.3tn.
The government said it settled for Scenario 3, because of “the low level of revenues and the importance of monetary stability.”
The scenario also involves spending on infrastructure and continued focus on agriculture and self-sufficiency in line with the president’s “produce what we eat” mantra.
“We decided that the best way to beat the triple problem of very low foreign exchange, huge unemployment, and negative growth is by focusing on Mr. President’s mantra to produce what we eat and eat what we produce,” said the committee.