Osinbajo To Monitor Implementation Of ₦2.3 Trillion Stimulus Package
Following the approval of the Nigerian Economic Sustainability Plan via the Federal Executive Council on Thursday, President Muhammadu Buhari has now distinctive his deputy, Vice President Yemi Osinbajo to supervise the typical implementation of the N2.3Trn plan.
This is contained in a assertion highlighting key aspects of the authorized format and launched through the Special Adviser to the President on Media & Publicity, Mr. Femi Adesina in Abuja on Thursday.
According to the statement, “the Economic Sustainability Committee will monitor implementation of the Plan whilst the Vice President will generally brief the President on growth made.”
The Nigeria Economic Sustainability Plan (NESP), accredited with the aid of the Federal Executive Council (FEC) on June 24, 2020, was developed through the Economic Sustainability Committee (ESC), mounted via President Muhammadu Buhari on March 30, 2020.
Chaired through Vice President Yemi Osinbajo, the ESC comprised numerous Cabinet Ministers as properly as the Group Managing Director of the NNPC and the Governor of the Central Bank of Nigeria (CBN).
“The NESP has been developed as a 12-month, N2.3 trillion ‘Transit’ Plan between the Economic Recovery and Growth Plan (ERGP) and the successor design to the ERGP, which is presently in development,” Adesina stated in the statement.
On the funding streams for the plan, Adesina said: “the NESP will be funded as follows: N500 billion from Special FGN Accounts; N1.1 trillion from the CBN in the shape of structured lending; N334 billion from exterior bilateral/multilateral sources; and N302.9 billion from different funding sources.”