FG commends NSIA’s $150m release, supply of vital equipment to Federal Teaching Hospitals

Joshua Elekwachi

Aside the quick release last year of US$150 million from the Stabilisation Fund to support federal government’s economic uplift, the effort the Nigeria Sovereign Investment Authority (NSIA) in stepping up its involvement in stabilising the Nigerian economy has pleased the federal government even as the Authority has recently supplied vital equipment to the most affected federal teaching hospitals across the six geopolitical zones in the country.

In her speech recently at the virtual handover ceremony, Mrs. Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning, said: “These equipments will help in improving the fighting odds of infected citizens and offer succor to many families affected by it. As we entrust them in the hands of the recipient chief medical directors (CMDs), we charge you to do what you do best – save lives.”

In her words:,“I am pleased that the NSIA is stepping up their involvement.

“Last year, they were quick to release US$150 million from the Stabilisation Fund to support government’s efforts to stabilise the economy. They also partnered with Global Citizen to set up the Nigeria Solidarity Support Fund to enable the creation of a stronger, more resilient, more inclusive political economy and healthcare system.”

Ahmed noted that as COVID-19 continues to spread globally, the future has never felt so unpredictable.

She stated that on the one hand, the onset of the pandemic, and more recently the second wave, has opened new opportunities in the technology and services space. “It has set up some innovative industries for success and key sectors of the economic for rapid growth. On the other hand, it has constrained some sectors and brought untold hardship resulting in mass layoffs.

“Sadly, it has also resulted in the loss of precious lives in almost all States of the federation. We identify and empathise with those who lost loved ones and with those presently ravaged by the disease either physically or economically.

Stating further, she said: “Rest assured that President Muhammadu Buhari and all members of the cabinet are doing everything possible to sustain the economy and engender swift return to normalcy. While there is a lot of uncertainty, we know that we need to adapt fast to our changing reality. Now, more than ever, our country needs all of us to step up and put in the resources to drive change.”

The Honourable Minister noted some of the steps that the government has taken to manage the pandemic situation in the country. “Under Mr. President’s guidance, we have introduced several initiatives since mid-last year when the virus arrived our shores. In the main, we introduced a COVID-19 Crisis Intervention Fund which included: Establishment of a N500 billion COVID-19 Crisis Intervention Fund to upgrade healthcare facilities and fund Special Public Works Programme to generate employment; outlining a framework for the collection, management and reporting of donations into the Fund; setting up of COVID-19 Donor Accounts, which formed part of the existing treasury single account (TSA) arrangement through Zenith Bank, Access Bank, Guaranty Trust Bank, UBA and First Bank. These had been used to offer relief to Nigerians during the initial lock down,” she said.

On the budget side, “We revised the benchmark oil price to US$30/barrel and then further down to US$20/barrel and oil production to 1.7mbpd; we secured concessional funding from World Bank, African Development Bank (AfDB) and the Islamic Development Bank to augment the 2020 Budget while also securing funding from International Monetary Fund (IMF’s) COVID-19 Rapid Credit Facility; and we adjust downwards the non-oil revenue projections including various tax and customs receipts, as well as proceeds of privatisation exercises.”

To ensure these reflect in our medium-term strategy, the Budget Office, according to her, revised the 2020 – 2022 medium term expenditure framework / fiscal strategy paper and worked on amendment to the 2020 Appropriation Act.

“Recognising the challenges of the times, we made significant changes to the tax system. Notably, we reduced the tax rate for medium-sized companies from 30 percent to 20 percent; offered expanded value added tax (VAT) exemption covering basic food, medical and pharmaceutical products; and issued circulars and Ministerial Orders making charitable donations in support of COVID-19 pandemic tax deductible.

“Coming into 2021, we have continued to monitor the situation through a coordinated series of approach. We have strengthened the collaboration between the relevant government agencies under the Presidential Task Force on COVID-19 chaired by the Secretary to the Government of the Federation, and also under the Economic Sustainability Committee, chaired by His Excellency, the Vice President.

“The second wave of the virus is something we are watching closely and working hard to tackle. Mr. President and the entire administration are confident that the development will be contained as was done the first time. We are now in a better place to manage the disease as we continue to bolster our healthcare system to tackle cases as they arise,” she assured.

According to Mr. Uche Orji, Managing Director and Chief Executive Officer (MD/CEO) of NSIA, “The virtual event was to formally handover equipment to 21 tertiary medical institutions across the country as part of the Authority’s COVID-19 relief programme. The items constitute a commitment of resources which NSIA expects will be crucial for the long-term sustainability of domestic healthcare centres and their treatments programs.

“NSIA recognises the fact that many of these centres struggled with patient care at the height of the COVID-19 pandemic and with the surge being experienced under the second wave, they may struggle even more. Even though it had been established that the number of ventilators in the country was inadequate to meet the domestic requirement, an even more daunting challenge was experienced with respect to intensive care unit (ICU) and regular monitors as well as oxygen concentrators which are all required to treat early stages of many respiratory ailments and thereby give patients a fighting chance. NSIA aims to bridge this gap through this gesture,” he said.

Speaking further, he said, “While the decision to donate equipment to these target institutions is part of NSIA’s broader COVID-19 intervention to augment government’s ongoing efforts, the donation of the items represent a more strategic approach to enhance patient care by adding to the stock of critical medical equipment needed nationwide. NSIA expects that the supply of these equipment will help in alleviating the inventory gaps in these hospitals.”

The audience participation consisted of the Secretary to the Government of the Federation (SGF), the National Coordinator of the Presidential Task Force (PTF) COVID-19, Director-General (DG), Nigeria Centre for Disease Control (NCDC), Chief Medical Directors (CMDs) of 21 target medical centres, the Board of NSIA, among others.