President Bola Tinubu has approved the injection of N2 trillion into the economy to stimulate it. He gave the approval on Thursday while unveiling an accelerated stabilisation and advancement plan.
The Finance Minister and Coordinating Minister of the Economy presented the plan while inaugurating the Presidential Economic Coordination Council (PECC) at the State House in Abuja, three months after a 30-member committee was constituted 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.”