Nigeria’s Federal Government continues to shore up palliatives to ease the negative effects of the corona virus pandemic lockdown on Nigerians.
At the weekly Federal Executive Council meeting yesterday, the latest stimulus plan which was designed by Vice President Professor Yemi Osinbajo and presented to the council members and was approved by President Muhammadu Buhari who chaired the meeting.
The Nigeria Economic Sustainability Plan has a stimulus package of about N500 Billion that is already provided for in the amended 2020 Appropriation Act. These are funds that were sourced from special accounts, according to Finance Minister Zaiban Ahmed.
“The total package that we presented today is in the sum of N2.3tn; N500bn 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 N1.2tn of this fund to be sourced as structured low-cost loans, which are interventions from the Central Bank of Nigeria as well as other development partners and institutions.
“We have N344bn that will be sourced from bilateral and external sources and also additional funds that we can source locally.”
According to the minister, government needed to respond to the triple problems of low exchange rate, youth unemployment as well as negative growth facing the countr