- The sum of N2.3 trillion has been approved by the Federal Executive Council for the country's economy
- FEC considered and approved the funds as a stimulus plan presented by a committee led by the vice-president
- The approval was given by President Buhari when he presided over the council's virtual meeting
The Federal Executive Council (FEC) has approved N2.3 trillion as a stimulus plan to support the Nigerian economy as the country continues to battle the novel coronavirus pandemic ravaging the global economy.
Legit.ng gathered that the funds were recommended by the Economic Sustainability Committee led by Vice President Yemi Osinbajo to ensure the country’s economy survives the impact of the pandemic.
Bashir Ahmad, a personal assistant to President Muhammadu Buhari on new media, disclosed this in a tweet on Wednesday, June 24.
The council's virtual meeting which was presided over by President Buhari considered and approved the stimulus plan.
The vice president disclosed this at the State House in Abuja after presenting post-COVID-19 Economic Recovery Plan to President Buhari.
Osinbajo led the Economic Sustainability Committee to submit the report entitled, "Bouncing Back: The Nigerian Economic Sustainability Plan".
"We are confident that if the proposals are taken as a whole and implemented conscientiously, Nigeria will avert the worst of the impending economic headwinds, and convert this crisis to a victory for the Nigerian economy," he said.
Meanwhile, the World Bank has advised Nigeria to develop its mining sector to help mitigate the post-COVID-19 economic shocks.
World Bank's Mike Stanley advised the Nigerian government not to wait for a rise in the oil prices in the global market.
Stanley said waiting for oil prices to rebound may not yield the expected result because of the possibility of an oversupply of the commodity in the market from other oil-producing countries.
In a related development, Nigeria's former vice president Atiku Abubakar advised President Buhari on the country's best way out of its present economic situation after slashing the budget by 0.6%.
The presidential committee on the impact of the coronavirus on Nigeria’s economy had earlier disclosed that the economy is facing serious challenges due to the COVID-19 pandemic.
Atiku in a series of tweets posted on his Twitter page on Thursday, May 14, stressed that reducing the nation's expenditure is the best way out of this economic situation.
The former vice president further said that his counsel to the Nigerian government is to "put Nigerians first and cut your coat, not according to your size, but according to your cloth."
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