The Federal Executive Council (FEC) has approved the N2.3 trillion stimulus recommended by the Nigerian Economic Sustainability Plan (NESP).
The plan will support the Nigerian Economy in the face of the disruptions and challenges of the Covid-19 Pandemic.
The media aide to the Presidency, Tolu Ogunlesi announced the goals of the NESP which is to, “create jobs, put money into the economy, hopefully, stop it from slipping into recession, support small businesses and prioritize local content”.
“The NESP is a 12 Month ‘transit’ plan between the ERGP and the ERGP-Successor-Plan currently being worked on,” he added.
Yemi Osinbajo’s Sustainability Committee recommended that the Stimulus be funded through a CBN “structured lending” of N1.1 trillion, N302.9 billion from other funding and N500 billion from special accounts.
The plan also recommended the creation of over 10 million jobs in a 12 months period through a food for all projects hiring 5 million people which will cost N635 billion.
Mass Housing strategy creating 1.8 million jobs, Solar Power strategy expected to create 250,000 jobs, Digital Economy strategy to create 1 million jobs for outsourcing, National gas Expansion Programme to support the creation of 1 million jobs, have all been initiated.