The Federal Executive Council on Wednesday approved the N2.3 trillion stimulus plan proposed in the Nigeria Economic Sustainability Plan designed to support the nation’s economy in the face of the disruptions and challenges of the COVID-19 pandemic.
The plan was designed by a committee led by Vice-President Osinbajo.
The approval was given at a virtual meeting of the council presided over by the President Muhammadu Buhari.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House correspondents at the end of the meeting.
She said, “The total package that we presented today is in the sum of N2.3 trillion; N500 billion of this is a stimulus package that is already provided for in the amended 2020 Appropriation 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 interventionary 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 sourced locally.”