The Federal Executive Council has approved a N2.3 trillion stimulus plan proposed by the Vice President Yemi Osinbajo-led Committee on Economic Sustainability Plan, set up to address the economic challenges associated with the COVID-19 pandemic.
President Muhammadu Buhari gave the approval, according to the Minister of Finance, Budget and National Planning, Zainab Ahmed, who spoke to State House correspondents at the end of the meeting.
The minster said, “We also have N1.2 trillion of these funds to be sourced as structured low-cost loans, which are interventionary from the Central Bank of Nigeria as well as other development partners and institutions.
“We have N344 billion that will be sourced from bilateral and external sources and also additional funds that we can sourced locally.”
She said this as she also disclosed in a Citi Bank development update that the Board of the World Bank Group would be considering Nigeria’s loan request of $3bn on August 6, this year.
Out of the $3bn, $1.5bn is expected to go to the Federal Government, while the balance will be provided as loans to state governments.
