Nigeria urges agencies to roll out incentives to beat global financial crunch

Special Report:Global Financial Crisis

LAGOS, Feb. 5 (Xinhua) -- Nigerian President Umaru Yar'Adua has directed
relevant agencies of the federal government to immediately work out palliative
and incentive packages to cushion the impact of the global economic crisis on
Nigeria's citizens and businesses, according to the Punch newspaper on Thursday.

The president, who is currently on vacation, gave the directive following
the recommendation of the Presidential Steering Committee on the global economic
crisis in the country.

The committee held a closed-door meeting at the State House on Tuesday,
after which the President was briefed on the outcome.

Yar'Adua is the chairman of the committee, but was absent due to his
vacation.

The Presidential Steering Committee had recommended the reduction of the
pump price of petrol from 70 naira to 65 naira.

Olusegun Adeniyi, Special Adviser to the President on Communications, who
disclosed the outcome of the meeting, said the committee proposed a number of
palliative measures for the short, medium and long terms towards mitigating the
effects of the global crisis on the country.

He explained that immediately after the briefing, the president directed
the Central Bank of Nigeria (CBN) and the Ministry of Finance to liaise with
other agencies and do more work on some of the short-term palliative measures
that are proposed in order to ensure their quick implementation.

Adeniyi pointed out that salary increment was not on the cards due to the
current falling crude oil price in the international market, but assured that
the proposed measures would boost the purchasing power of the masses and put
smiles on the faces of Nigerians soon.

"What is being worked out is a package of incentives that will ginger
production, increase the purchasing power of the ordinary man on the street and
help generate employment opportunities," he added.