The Nigeria Economic Sustainability Plan (NESP ) recommended by the Vice President Yemi Osinbajo led Economic Sustainability Committee has been approved by the Federal Executive Council (FEC).
The committee report was aimed at ensuring Nigeria’s economy survives the rigours of the COVID-19 pandemic.
The FEC approved the N2.3 trillion stimulus plan at its meeting on Wednesday.
The Minister of Finance , Budget and National Planning, Zainab Ahmed, disclosed this after the 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 these 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.
She said : “We have N344 billion that will be sourced from bilateral and external sources and also additional funds that we can source locally.”
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