Senator Warns Banks Against Over-Concentration Of The Stimulus Package In Lagos

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Uba Sani, the Chairman Senate Committee on Banking, Insurance and other Financial Institutions has urged banks not to concentrate the stimulus packages in one part of the country.

The senator who represents Kaduna Central Senatorial District, in a statement applauded the COVID-19 stimulus packages rolled out by Nigerian banks to help in containing the pandemic and lessen its effects on Nigerians.

He however raised concerns that every and all interventions are concentrated in Lagos, although understandably the epicentre of the pandemic in the country.

He also stated that the coronavirus has spread through other parts of Nigeria and those other parts seem to be given little or no consideration, which he described as unfortunate because the entire country is at risk.

“Lagos state cannot be safe if other states in the federation are unsafe. Just the way Lagos requires isolation centres, testing and protective kits, other states are in dire need of the assistance as well”, he said.

The senator also stated that if the assistance is evenly distributed, the likelihood of overcoming the COVID-19 pandemic and resuming the difficult task of rebuilding the economy would be assured.

“We urge Nigerian banks to review their strategies and come up with inclusive frameworks for intervention. Stimulus packages that includes all states of the federation would be more impactful than one that draws the ire of bank customers across the country and subsequently diminishes the confidence of the people in the sector”, he advised.



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