In a bid to address the current economic challenges facing Nigeria, President Bola Tinubu has approved an injection of N2 trillion into the economy. This move is aimed at boosting growth and stabilizing the nation’s economy.
According to the Finance Minister and Coordinating Minister of the Economy, Wale Edun Tinubu, the N2 trillion package is broken down into;
N350 billion: “Funding for health and social welfare, to ensure that Nigerians have access to quality healthcare and social services.”
N500 billion: “Funding for agriculture and food security, to boost our agricultural sector and ensure food sufficiency.”
N500 billion: “Funding for the energy and power sector, to improve our energy infrastructure and increase power generation.”
N650 billion: “General business support, to help small and medium-scale enterprises grow and thrive.”
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The minister explained that this package is part of an accelerated stabilisation and advancement plan, which includes a range of policy and tax measures, as well as executive orders signed by the president.
These measures aim to ease the cost of doing business, reduce interest rates for certain sectors, and boost economic growth.
“This 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 minister said.
The move comes at a time when Nigeria’s economy is facing significant challenges, with inflation figures reaching new highs and labour unions demanding improved wages. However, the government has assured Nigerians that these reforms will yield dividends soonest.
“We understand the challenges facing our economy, but we are committed to taking the necessary steps to ensure our economy grows and prospers,” President Tinubu said.
“We urge Nigerians to be patient and support our efforts to build a stronger and more resilient economy.”
