Tinubu injects N2 trillion to stimulate economy

The Federal Government has infused N2 trillion into the economy to stimulate it.

It was unveiled by President Bola Ahmed Tinubu yesterday as part of an accelerated stabilisation and advancement plan.

Its target is economic revival in the short term.

President Tinubu presented the plan while inaugurating the Presidential Economic Coordination Council (PECC) at the State House.

The 30-member committee was constituted on March 27.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told reporters that the emergency funding will be deployed to health, agriculture, energy/power and other critical sectors.

He was accompanied by Minister of Budget and Economic Planning Abubakar Bagudu; President of the Dangote Industries Limited Alhaji Aliko Dangote; and the Founder of the Tony Elumelu Foundation/Chairman of the UBA Group Tony Elumelu, during the post-inauguration briefing.

According to Edun, the PECC comprises the President’s economic management team, National Assembly leadership, Nigeria Governors Forum chairman, and private sector leaders.

He said: “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.

“The outcome 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.

“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 many funding provisions to reduce the cost of interest rate for certain sectors, small and medium scale in particular, but also larger companies.

“There is a line of credit that will allow them to fall cheaper than the elevated rate.

“This plan is a means of stabilising the economy and getting businesses growing again.

“We know the microeconomic measures, which are necessary and have been implemented in a determined and consistent manner, led to elevated cost for industries and individuals.”



Please enter your comment!
Please enter your name here