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.
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