In a message to mark his birthday, titled, ‘A Message On The Coronavirus: A Time For Unity, A Time For Thought, A Time For Action,’ Tinubu said these institutions must discard their mainstream orthodoxy of fiscal austerity, which will straitjacket and injure nations like Nigeria. “They must encourage nations to engage in economic stimulus,” he said.

Specifically, he asked Nigerian government to announce a tax credit or partial tax reduction for firms.

He added that Value Added Tax (VAT) should be suspended for the next two to four months, as this would help lower import costs and protect against shortages.

Tinubu suggested that the Central Bank of Nigeria (CBN) should lower interest rates to spur borrowing and private sector activity.

He said: “CBN and other financial regulators should be alert to signs of fragility in the financial markets and banking sector. The Central Bank should be prepared to enact extraordinary measures, should the financial sector exhibit stress.

“The CBN should be prepared to give banks liberal access to its loan discount window to ensure adequate liquidity within the banking sector. The Cash Reserve Requirement for banks should be revised downward.”

Tinubu further said government must be ready to increase stipends to the poor, noting that by widening the net, it would have substantially increased the number of recipients of anti-poverty stipends…

“We all must do better, lest we all fail and suffer the grave consequences of collective failure. We pray that this terrible cloud will pass from us. However, we must prepare for the possibility that it may linger to rain hard upon us,” he said.