Advertisement

COVID-19: FEC Approves N2.3trn Stimulus Plan

Kayla Megwa  
Updated June 24, 2020
President Muhammadu Buhari and other cabinet members

 

The Federal Executive Council has approved the N2.3trillion COVID-19 stimulus plan to support the nation’s economy in view of the global pandemic.

The sum was recommended by the Economic Sustainability Committee chaired by the Vice President, Professor Yemi Osinbajo.

This was disclosed on Wednesday by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the end of the meeting.

She noted that the approval was given at a virtual meeting of the council presided over by President Muhammadu Buhari.

READ ALSO: President Buhari Backs Giadom, To Attend APC NEC Meeting

“The total package that we presented today is in the sum of N2.3 trillion, N500billion of this is a stimulus package that is already provided for in the amended in the 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 intervention 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.

“There is a strategy that has been adopted and this whole plan is to enable us to respond to the triple problem of the low exchange rate, youth unemployment as well as negative growth which is facing us now.

“The plan has to also support small businesses that have suffered a severe impact on COVID-19 as a result of lockdowns. The hotel industry, private schools, restaurants as well as the transport sector have been very well impacted by this,” she said.