Nigeria spent $3.6b on COVID-19 management

FEDERAL government said it has spent over $3.6 billion in managing the effects of COVID-19 in the country.

  Minister of Finance, Budget and National Planning, Zainab Ahmed, gave the figure during a media briefing in Abuja, yesterday.

  Explaining the specific activities, which recorded growth during the quarter under review, the finance minister said trade, transportation, coal mining, metal Ores, and insurance recorded double-digit growth.

  “The report, however, also indicate that some activities, such as oil refining, crude petroleum, and natural gas production, as well as financial services, recorded negative quarterly growth.  

  Overall, a total of 42 out of 46 economic activities expanded during the quarter, compared to only 13 at the same time last year, while 37 activities performed better than they did last quarter (Q 1). But non-oil sector was a major driver of growth during the quarter, recording a growth rate of nearly seven per cent.

This, according to her, represents the fastest growth in the non-oil sector since Q3 2014. When these estimates are considered along with declining inflation rate, which slowed from 18.17 per cent at the end of Q1 to 17.75 per cent at the end of Q2, and as at July, which stands at 17.38 per cent, it is clear that the economic recovery is gradually picking up steam,” Ahmed stated.

  It will be recalled that NBS Q2 GDP report said the economy grew 5.01 per cent (year-on-year) in real terms in the second quarter of the year (Q2 2021), compared to the -6.10 per cent recorded in Q2 2020. This marked three consecutive quarters of growth following the negative growth rates of -6.10 per cent and -3.62 per cent in Q2 2020 and Q3 2020 year-on-year, respectively.

  Also in the briefing were Minister of Information and Culture, Lai Mohammed; Minister of State for Finance, Budget and National Planning, Clem Ikanade Agba; and the newly appointed Statistician-General of the Federation, Simon Harry.