Presidency details plan to spend N2.3trn to boost economy

Presidency details plan to spend N2.3trn to boost economy

The Presidency on Sunday, September 7, revealed that the Federal Government plans to spend the sum of N2.3tn to reposition the economy.

This was contained in a statement issued by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, at the 2nd Annual Conference and also General Meeting of the International Islamic University, Malaysia Alumni Association, Nigeria chapter.

The Presidency spokesman stated that the cash injection was part of the Nigeria Economic Sustainability Plan to cushion the effects of COVID-19.

He explained that the NESP comprised N500bn COVID-19 Crisis Intervention Fund meant to upgrade health facilities nationwide and finance a national Special Public Works Programme.

Also Read: Malami reveals how N301m was spent on under-hand deals in P&ID case

According to Adesina, the N1.1tn structured lending from the Central Bank of Nigeria; N334bn is to be derived from external bilateral as well as multilateral sources; and N302.9bn from other undisclosed sources.

He said; “The 12-month ‘transit’ scheme under the NESP was developed as a successor plan to the Economic Recovery and Growth Plan. When compared to other world economies, the Nigerian economy was not as badly hit by the COVID-19 pandemic, contrary to doomsday projections that had earlier come from the West.”

Adesina also urged states as well as local governments to complement the efforts of the Federal Government; to cushion the negative effects of the COVID-19 pandemic on the people.

Meanwhile, the Senate Committee on Special Duties on Saturday, September 5; explained that the Federal Government spends N5 billion monthly; to cater for the victims of insurgency in the northeastern part of the country.

This was contained in a statement issued by the Chairman of the Senate Committee, Senator Yusuf Yusuf.

Yusuf also disclosed this in an interview with journalists; on the outcome of his panel members’ recent visit to the North-East geopolitical zone.

According to the Senate, no amount of resources was adequate to sustain the 2.7 million displaced persons; in the various camps.

The lawmaker lamented that most of the victims of the insurgency were eager to return home; and fend for themselves but many of their villages were still inaccessible.

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