The Federal Executive Council, FEC, has approved the sum of
N2.3trillion as COVID-19 stimulus plan.
The sum was approved to support the country’s economy in
view of the coronavirus pandemic.
The approval came on the recommendation of the Vice
President Prof. Yemi Osinbajo-led Economic Sustainability Committee.
Minister of Finance, Budget and National Planning, Zainab
Ahmed, disclosed this in Abuja on Wednesday.
According to Ahmed, the decision was reached at a virtual
meeting of the FEC presided over by President Muhammadu Buhari.
“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,” she said.
She said there is also N344 billion that will be sourced
from bilateral and external sources and also additional funds that they plan to
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,” she
noted.
The Minister explained further that the plan has to provide
support for small businesses that have suffered a severe impact on Coronavirus
as a result of lockdowns.
She noted that the lockdown had severe impacts on the hotel
industry, private schools, restaurants as well as the transport sector.
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