NEWS

‘Fed Govt requires N2 trn to assist the poor’

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Our Reporter

A political economist, Prof Kingsley Moghalu, says the Federal Government will require about N2 trillion to provide financial assistance to poor families during COVID-19 total shutdown.

Moghalu, also a former Deputy Governor of Central Bank of Nigeria (CBN), in a statement issued on Sunday in Awka, said many low-income households might lose their sources of  income as a result of the COVID-19 pandemic.

Read Also: Lockdown: ‘Fed Govt should provide palliative for poor Nigerians now’

He said the N50 billion fund established by the CBN for families and small businesses would not be adequate to address the Covid-19 crisis if and when it escalated.

“If a sum of N20,000 were to be made available for every impoverished family to stock up food and supplies for a month in a Covid-19 total shutdown scenario, this would require an intervention of N2 trillion.”

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