President Bola Tinubu has approved an injection of N2 trillion into the economy to boost growth.
Wale Edun Tinubu, the Finance Minister and Coordinating Minister of the Economy, gave his approval on Thursday while unveiling an accelerated stabilisation and advancement plan.
He unveiled the plan while launching the Presidential Economic Coordination Council (PECC) at the State House in Abuja, three months after a 30-member committee was formed to revive the economy in the short term.
“The sum of that very important exercise is a N2 trillion package involving N350 billion funding for health and social welfare, N500 billion funding for agriculture and food security, N500 billion for the energy and power sector and general business support of about N650 billion,” the minister briefed journalist after the meeting.
“They (PECC members) were presented with the outcomes of Mr. President’s review of the accelerated stabilisation and advancement plan.
“It is an emergency plan to cover the next six months, which Mr. President had directed his economic team, the sub-nationals, and the private sector to put together for his consideration.
“In addition to a range of policy and tax measures, there is a range of executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business. There are a number of funding which will reduce the cost of interest rates for certain sectors, small and medium scale in particular, but also larger companies.”
The move is coming when the Nigerian economy is facing serious challenges and inflation figures have reached new highs after the removal of fuel subsidy and the floating of the naira.
Labour unions are demanding improved wages, arguing that the cost of living hit new levels.
But Tinubu’s government has repeatedly called for patience and assured Nigerians that its reforms will yield dividends soonest.