COVID-19: Osibanjo to get N2.3trn from FEC for economic sustainability plan

The stimulus plan submitted by the office of Vice President Yemi Osibanjo has received a positive nod by the Federal Executive Council (FEC).

While submitting the plan, Osinbajo had said, “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.”

Special Assistant to the President on Digital and New Media, Tolu Ogunlesi has taken to his official twitter handle to announce the approval of the plan on Wednesday.

He tweeted that the approval of the fund would inject the economy with the necessary financial cushion against the blow dealt by the lockdown occasioned by the coronavirus disease.

“The Nigeria Economic Sustainability Plan (NESP) has today been approved by the Federal Executive Council (FEC).

“It’s a 2.3 Trillion Naira stimulus plan to support the Nigerian economy in the face of the disruptions and challenges of the Covid-19 pandemic.

“The Committee that prepared the NESP was set up 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”, Ogunlesi tweeted

He added that the NESP would create jobs, put money into the economy, hopefully, stop it slipping into recession, support small biz, and prioritize local content (Made-in-Nig)”.

He noted also that the NESP is a 12-month ‘Transit’ Plan between the ERGP & the ERGP-successor-plan currently being worked upon.

FEC’s approval of the N2.3trn plan is to address disruption of economic by the novel COVID-19 pandemic.