The Nigeria Federal Executive Council has approved the sum N2.3trillion as COVID-19 stimulus plan to support the rejuvenation of the country economy from the adverse effect of the Coronavirus pandemic.
The Minister of Finance, Budget and National Planning, Zainab Ahmed stated this at the end of the FEC meeting held on Wednesday
Vice President, Professor Yemi Osinbajo led Economic Sustainability Committee has recommended the sum for the COVID-19 stimulus plan.
Zainab Ahmed said “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.