The Federal Executive Council on Wednesday approved the N2.3 trillion Economic Sustainability Plan initiated by President Muhammadu Buhari and chaired by Vice President Yemi Osinbajo.
Prof. Osinbajo had on 11 June presented the Sustainability Report titled “Bouncing Back: The Nigerian Economic Sustainability Plan” To President Buhari.
During the FEC meeting presided by President Buhari today, The Nigeria Economic Sustainability Plan (NESP) was approved by the Federal Executive Council.
According to Tolu Ogunlesi, the Special Assistant to President Buhari on Digital and New Media, the plan which will create new jobs and ensure existing ones are not lost is worth N2.3 trillion.
“It’s a 2.3 trillion naira stimulus plan to support the Nigerian economy in the face of the disruptions and challenges of the COVID-19 pandemic.
He explained that, “The Committee that prepared the NESP was set up by President Buhari and chaired by Vice President Osinbajo.
The committee also included a number of cabinet ministers and it held extensive consultations with national assembly, Economic Advisory Council and State Governors.
The Sustainability Plan will increase health care funding, reduce income tax, ramp up solar systems mini grids in power sector, provide 300,000 homes in 12 months, increase massive local production, expand social investments and micro credits as well as provide millions of jobs in agriculture.