Nigerian President, Bola Ahmed Tinubu has approved the injection of N2 trillion into the nation’s economy to stimulate it.
This was disclosed by the Finance Minister and Coordinating Minister of the Economy, Wale Edun on Thursday. The Minister stated that Tinubu gave the approval while unveiling an accelerated stabilization and advancement plan on Thursday.
According to Edun, President Tinubu presented the plan while inaugurating the Presidential Economic Coordination Council (PECC) at the State House in Abuja. This was coming three months after a 30-member Committee was constituted to revive the economy in the short term.
He said, “The sum of that very important exercise is a N2 trillion package involving N350 billion funding for health and social welfare. N500 billion funding for agriculture and food security. N500 billion for the energy and power sector and general business support of about N650 billion.”
“They (PECC members) were presented with the outcomes of Mr. President’s review of the accelerated stabilization and advancement plan.
“It is an emergency plan to cover the next six months, which Mr. President had directed his economic team, the sub-nationals, and the private sector to put together for his consideration.
“In addition to a range of policy and tax measures, there is a range of executive orders which Mr. President has signed. And which are being gazetted to ease the cost of doing business.
“There are a number of funding which will reduce the cost of interest rates for certain sectors, small and medium scale in particular, but also larger companies.”
According to Edun, the move is coming when the Nigerian economy is facing serious challenges. He regretted that inflation figures have reached new highs. This is coming after the removal of fuel subsidy and the floating of the naira.
Recall that Labour unions are demanding improved wages for workers. They argued that the cost of living has hit new levels.
But Tinubu’s government has repeatedly called for patience. The Government has continually assured Nigerians that its reforms will yield dividends soonest.
source: Channels TV
Follow us for more news on our WhatsApp News Channels @
https://whatsapp.com/channel/0029VaC505jB4hdZ5Yx9g82U
