Top Stories

Tinubu Stimulates Economy with N2 Trillion Injection

 

President Bola Tinubu has authorized the injection of N2 trillion into the economy to foster growth and stability, according to Finance Minister and Coordinating Minister of the Economy, Wale Edun Tinubu.

The announcement was made on Thursday during the unveiling of an accelerated stabilisation and advancement plan at the State House in Abuja.

The Presidential Economic Coordination Council (PECC), inaugurated three months after the constitution of a 30-member committee tasked with revitalizing the economy, received the detailed plan. Minister Wale Edun Tinubu outlined the allocation of funds, stating, “The sum of that very important exercise is a N2 trillion package involving N350 billion funding for health and social welfare, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and general business support of about N650 billion.”

He further briefed journalists after the meeting, explaining, “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 economic plan includes a range of policy and tax measures, alongside executive orders aimed at easing the cost of doing business. Minister Tinubu emphasized, “There are a number of funding initiatives which will reduce the cost of interest rates for certain sectors, particularly small and medium-scale enterprises, as well as larger companies.”

This move comes at a critical juncture for the Nigerian economy, grappling with significant challenges including soaring inflation following the removal of fuel subsidies and the floating of the naira. Labour unions have been vocal about the need for improved wages amid rising living costs.

In response, Tinubu’s administration has urged patience, assuring Nigerians that ongoing reforms will yield positive results in the near term.

admin

Recent Posts

Ford Trims Workforce: 4,000 Jobs to Go in Europe

US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in…

1 day ago

Tinubu Dissolves UNIZIK Council, Sacks VC, Registrar, Otukpo Pro-Chancellor

  President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe…

1 day ago

Ekiti Workers to Earn N70,000 Minimum Wage as Govt Signs MoU with Unions

  The Ekiti State Government has reached an agreement with labour leaders in the state,…

2 days ago

N610bn Constituency Projects Under ICPC Scrutiny in 21 States, FCT

  The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated the seventh…

2 days ago

Iraq Undertakes Historic Census After 40-Year Gap

Iraq is holding its first nationwide census in nearly four decades this week, a long-awaited…

2 days ago

Relief as Rep ‘Lafi’ Empowers 300 Constituents Through Skill Acquisition Programme

  Over 300 constituents of Akinyele/Lagelu Federal Constituency in Oyo State benefitted from a skill…

3 days ago