COVID-19: FEC approves 2.3trn for Osinbajo’s Economic Sustainability Plan

COVID-19: FEC approves 2.3trn for Osinbajo's Economic Sustainability Plan

The stimulus plan was a part of the suggestions contained within the Economic Sustainability Plan earlier submitted to President Muhammadu Buhari by the Economic Sustainability Committee led by Vice-President Yemi Osinbajo.

While submitting the plan, Osinbajo had mentioned, “We are confident that if the proposals are taken as a whole and implemented conscientiously, Nigeria will avert the worst of the impending economic headwinds, and convert this crisis to a victory for the Nigerian economy.”

Announcing the approval of the plan on Wednesday, Special Assistant to the President on Digital and New Media, Tolu Ogunlesi tweeted that the approval of the fund would inject the economic system with the required monetary cushion towards the blow dealt by the lockdown occasioned by the coronavirus illness.

READ ALSO: FEC approves N2.3trn to deal with disruption of the economic system by COVID-19 pandemic

Ogunlesi wrote, “The Nigeria Economic Sustainability Plan (NESP) has right now been authorised by the Federal Executive Council (FEC).

“It’s a 2.3 Trillion Naira stimulus plan to assist the Nigerian economic system within the face of the disruptions and challenges of the Covid-19 pandemic.

“The Committee that ready the NESP was arrange by President @MBuhari and chaired by Vice President @ProfOsinbajo.

“(The Committee was) made up of a number of Cabinet Ministers, and held extensive consultations with NASS, EAC, and State Governors.”

The President’s media aide added the NESP would “create jobs, put money into the economy, hopefully, stop it slipping into recession, support small biz, prioritize local content (Made-in-Nig)”.

“The NESP is a 12-month ‘Transit’ Plan between the ERGP & the ERGP-successor-plan currently being worked upon,” he famous.


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