The Federal Executive Council (FEC) today, approved a N2.3 trillion Nigeria Economic Sustainability Plan (NESP) for the country, as recommended by the Vice President Yemi Osinbajo-led committee.
FEC approves N2.3tr for Economic Sustainability Plan
The sum serves as a stimulus plan to support the Nigerian economy in the face of the disruptions of the COVID-19 pandemic.
The NESP is a 2.3 trillion Naira stimulus plan to mitigate the ongoing economic challenges occasioned by the historic COVID-19 pandemic.
The Committee that prepared the NESP was set up by President Muhammadu Buhari, and chaired by Vice President Osinbajo.
It was made up of a number of Cabinet Ministers, and held extensive consultations with National Assembly, the Economic Advisory Council, and State Governors.
Goals of the NESP:
– Create jobs
– Put money into the economy to hopefully stop it slipping into recession,
– Support small businesses
– Prioritize local content (Made-in-Nig)
The NESP is a 12-month ‘Transit’ Plan between the ERGP & the ERGP-successor-plan currently being worked upon.