Nigerian govt approves N2.3 trillion stimulus plan for economy

NEWS DIGEST – The Federal Executive Council (FEC) has approved the Nigeria Economic Sustainability Plan (NESP) as recommended by the economic sustainability committee led by Vice President Yemi Osinbajo.

The content of the report produced by the committee to ensure Nigeria’s economy survives the impact of the COVID-19.

The FEC approved the N2.3 trillion stimulus plan at its meeting on Wednesday.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, announced the approval at the end of the FEC meeting.

“The total package that we presented today is in the sum of N2.3 trillion. N500 billion of this is a stimulus package that is already provided for in the amended 2020 Appropriations Act. These are funds that we have sourced from special accounts. We also have N1.2 trillion of this funds to be sourced as structured low-cost loans which are interventionary from the Central Bank of Nigeria as well as other development partners and institutions.

“We have N344 billion that will be sourced from bilateral and external sources and also additional funds that we can source locally,” she said.