FEC Approves N2.3tn Stimulus Plan

The Federal Executive Council, FEC, on Wednesday approved the N2.3tn stimulus plan proposed in the Nigeria Economic Sustainability Plan designed to support the nation’s economy in the face of the disruptions and challenges of the COVID-19 pandemic.

The plan was designed by a Committee led by Vice President, Prof Yemi Osinbajo.

The approval was given at a virtual meeting of the Council presided over by President Muhammadu Buhari.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House correspondents at the end of the meeting.

She said, “The total package that we presented today is in the sum of N2.3tn; N500bn of this is a stimulus package that is already provided for in the amended 2020 Appropriation Act. These are funds that we have sourced from special accounts”.

“We also have N1.2tn of this fund to be sourced as structured low-cost loans, which are interventions from the Central Bank of Nigeria as well as other development partners and institutions.”

“We have N344bn that will be sourced from bilateral and external sources and also additional funds that we can source locally.”

The Minister said the plan was meant to enable the Government to respond to the triple problems of low exchange rate, youth unemployment as well as negative growth facing the country.

She added that the plan was also meant to support small businesses that had suffered severe impact of Covid-19 as a result of lockdowns.

She listed the hotel industry, private schools, restaurants as well as the transport sector as some of those that had been severely impacted.