FEC approves N2.3 trillion stimulus plan
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According to reports on Wednesday, it was disclosed that the Federal Executive Council has approved the N2.3 trillion stimulus plan, which was earlier proposed in the Nigerian economic sustainability plan which was designed to support the country's scrambled economy caused by the effect of the corona virus pandemic.
A committee which is led by Vice president Yemi Osibanjo designed the the plan, and was approved at a virtual meeting of the council presided over by President Muhammadu Buhari.
Zainab Ahmed who is the Minister of Finance, Budget and National Planning revealed this to the House correspondents at the end of the meeting. According to her, N2.3 trillion was presented today, of which N500 billion out of it is the stimulus package provided in the amended in the 2020 appropriate account.
The Minister further explained that these are funds that they 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,” she added.