Continues from Page 5 which have exacerbated pre-existing weaknesses. “Looking ahead, directors emphasized the need for urgent policy adjustment and more fundamental reforms to sustain macroeconomic stability and lift growth and employment. “Directors welcomed notable reforms undertaken in the fiscal sector, including removal of the fuel subsidy and steps to implement costreflective tariff increases in the power sector. “However, they stressed the need for significant revenue mobilization to reduce fiscal sustainability risks, relying initially on progressive and efficiency-enhancing measures with higher tax rates awaiting a more sustained economic recovery. “They highlighted the need for improved social safety nets to cushion potential negative impacts on the poor. “Directors noted that multiple rates, limited flexibility, and foreign exchange shortages are posing challenges. “They recommended a gradual and multi-step approach to establishing a unified and clear exchange rate regime with the nearterm focus on allowing for greater flexibility and removing the payments <strong>back</strong>log. “Directors observed that the accommodative monetary stance remains appropriate in the near term, although tightening may be warranted if balance of payments or inflationary pressures were to increase. In the medium term, the monetary policy operational framework should be reformed and Central Bank financing of budget deficit vanguardnews @vanguardnews @vanguardnews Reform economy, cut dependence on oil, IMF tells Nigeria phased out in order to reduce inflation. “While welcoming the resilience of the banking sector, directors called for continued vigilance to contain financial stability risks. “They noted that COVID-19 debt relief measures for bank clients should remain time-bound and limited to those with good precrisis fundamentals. Directors welcomed recent progress in structural reforms and called for continued reforms aimed at promoting economic By Omeiza Ajayi ABUJA — The F e d e r a l Government said it has begun moves to secure the Russian COVID-19 vaccine, Sputnik V, in the wake of international politics regarding the distribution of vaccines. The government also said it has taken steps to resolve the oxygen crisis that had hit Nigeria’s national response to the COVID- 19 pandemic. It also announced postponement of the National Sports Festival to April due to the rising wave of infections. Minister of Health, Dr Osagie Ehanire, who disclosed these during yesterday’s briefing of the Presidential Task Force, PTF, on COVID- 19 in Abuja, said: “With regard to vaccines, Nigeria has kept abreast of global developments and supports the call of WHO for fair and equitable distribution of vaccines, since COVID- 19 is a threat to mankind. “We subscribed to two Naira depreciates to N398.50/$ in I&E window By Elizabeth Adegbesan The naira yesterday depreciated to N398.50 kobo per dollar in the Investors and Exporters (I&E) window due to a 40 percent decline in the volume of dollars traded. Data from FMDQ showed that the indicative exchange rate for the window roset to N398.50 kobo per dollar from N396.17 kobo per dollar last week Friday, indicating N2.33 kobo depreciation of the naira. However, the volume of dollars (turnover) traded in the window fell by 40 percent to $57.78 million from $96.82 million last week Friday. diversification and reducing the dependence on oil and i n c r e a s i n g employment. “In addition, they e n c o u r a g e d strengthening governance and anticorruption frameworks, including compliance with AML/CFT measures. Directors also welcomed the ratification of the African Continental Free Trade Area and underscored that implementing tradeenabling reforms remains critical to rejuvenate growth. Vanguard, TUESDAY, FEBRUARY 9, 2021— 27 NEWS HOTLINES 018773962, 08052867058 APC MEMBERSHIP CARD —Governor Abdullahi Umar Ganduje of Kano State (right) receiving his APC membership Card from the Chairman of APC Registration/Revalidation Committee, Dr. Kabir Ibrahim Matazu (left), and Deputy Governor of Kano, Dr. Nasiru Yusuf Gawuna (middle), during the APC Registration/Revalidation exercise, in Kano yesterday. Photo: Gbemiga Olamikan. COVID-19: 13 UK variant now in Nigeria, as FG turns to Russia for vaccines, tackles oxygen crisis •Postpones National Sports Festival multilateral vaccine access platforms; the first being the COVAX facility that will supply members, including Nigeria, vaccines free of charge, to cover 20% of our population. The expected first wave of 100,000 vaccines derived from this facility. “There has since been a change that now offers Nigeria 16 million vaccine doses in the first half of the year. The other multilateral platform is the African Union, AVATT, platform — the African Vaccine Acquisition Task Team, chaired by the President of South Africa, Mr Ramaphosa. AVATT has acquired 300 million doses of three types of vaccines which have been offered to African countries, based on population, such that no country is left behind. Nigeria subscribes to this whole-of-Africa approach, that strives to ensure that we are safe and our neighbours are safe. We shall be offered over 42 million doses by AVATT. If all the projected vaccines are supplied, we estimate we should have covered over 45% of the population. “In addition to the proposed sources, Nigeria has had bilateral negotiations with Gamaleya of Russia over their Sputnik V vaccine, which they are willing to supply to Nigeria. This vaccine has an efficacy of 91%. We are also in talks with the High Commissioner of India over the covax vaccine of Barhat Institute. Both vaccines dossiers are under evaluation with NAFDAC.” Nigeria exploring all sources for vaccines — SGF Chairman of the PTF and Secretary to the Government of the Federation SGF, Mr Boss Mustapha, also said Nigeria was exploring all chances in procuring the vaccines. “Mexico is using the Sputnik. That is why they are applying. Yes, we are members of WHO but we will continue with our bilateral talks with other countries to secure vaccines for our people as quickly as possible. “The process for accessing vaccines and the plans for getting it to the last mile is progressing. The PTF wishes to appeal to all Nigerians and particularly, the media to recognize that humanity is at war with an unseen enemy. “Nations are also struggling to take poll positions to access the same commodity which is in obvious short supply. We must, therefore, play our critical complimentary roles of educating the public on the benefits of the vaccines in overcoming the pandemic. “The PTF similarly wishes to firmly restate that Nigeria was never disqualified from accessing the COVID-19 vaccine. The PTF has debunked the story and so did the WHO. Misinformation of Nigerians in any form or shape will be counterproductive and dangerous to our health, security and economy. “Confidence in the vaccine is reaffirmed and access is reassured. We appeal to our media outlets to cross check their stories before publication,” he stated. Mustapha said testing was still being aggressively pursued as a viable strategy, adding that the PTF shall continue to appeal to not just the citizens to get tested but also on subnational entities to ensure that capacity of the laboratories that have been established within their jurisdictions were fully maximized. 13 UK variant now in Nigeria “The PTF (through the NCDC) is working with the Africa CDC on genomic surveillance. A total of 13 B-117 variant strains have so far been detected in Nigeria. Six of these numbers were detected in the last one week and they all came out of samples collected between November and January.” Oxygen crisis According to the SGF, the shortage of oxygen for case management is gradually being overcome and the private sector (CACOVID) is supporting the provision of oxygen nationwide and allocations have been made to states. “The increase in oxygen availability began with the repair of two oxygen plants at the National Hospital, Abuja through the Federal Government intervention and the commendable intervention of the private sector, which has ensured that large quantities of oxygen cylinders are delivered to treatment centres as needed. This has improved availability of oxygen for the management of critical COVID-19 cases, as well as treatment of other illnesses that depend on o x y g e n supplementation, such as asthma, pneumonia, etc,” he stated. The PTF also said it takes the violation of protocols very seriously and urged international passengers arriving Nigeria to ensure compliance with travel protocols and observe the Non-Pharmaceutical Intervention measures while in-Country The PTF also vowed to prosecute travellers who present fake PCR Certificates at the airports. “If you present with a fake PCR Certificate or without the required certificate at all, you will be taken into quarantine. At the end, you will undergo a PCR test again. They will pay for their hotels and test bills while they can also be prosecuted at the COVID-19 tribunal. “Remember that if you sneak through the airport, you are at a high risk of taking the virus home to your loved ones,” said Dr Mukhtar Muhammad, the National Incident Manager.
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