To revive the economy, President Bola Tinubu has approved injecting N2 trillion into it.
On Thursday, while introducing an expedited stabilisation and progress strategy, Finance Minister and Coordinating Minister of the Economy Wale Edun Tinubu granted the clearance.
Three months after the formation of a 30-member group to boost the economy temporarily, he unveiled the proposal during the inauguration of the Presidential Economic Coordination Council (PECC) at the State House in Abuja.
After the meeting, the minister briefed journalists on the N2 trillion package that includes N350 billion for health and social welfare, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and roughly N650 billion for general business support. This is a very significant exercise.
The results of Mr. President's evaluation of the rapid stabilisation and advancement plan were given to them (the PECC members).
Mr. President had instructed his economic team, the sub-nationals, and the business sector to put together an emergency plan for the next six months for his consideration.
Along with a number of tax and policy initiatives, the President has signed and is gazette a number of executive orders aimed at lowering operating expenses. Numerous funding options are available to lower interest rates for specific industries, including small and medium-sized businesses as well as larger corporations.
Following the removal of fuel subsidies and the floating of the naira, the Nigerian economy is currently experiencing significant issues and inflation has reached all-time highs.
Labour unions contend that the cost of living has reached unprecedented heights and are calling for higher salaries.
However, Tinubu's administration has urged Nigerians to exercise patient and given them assurances that their reforms will pay off as soon as possible.