President Bola Tinubu has authorized the injection of N2 trillion into the economy aimed at stimulating growth.
Wale Edun Tinubu, the Finance Minister and Coordinating Minister of the Economy, announced this decision on Thursday during the launch of an accelerated stabilisation and advancement plan at the State House in Abuja.
The plan, part of the newly inaugurated Presidential Economic Coordination Council (PECC), includes allocations such as N350 billion for health and social welfare, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and approximately N650 billion for general business support.
This emergency plan, spanning six months, follows President Tinubu’s directive to devise strategies involving the federal economic team, sub-national entities, and the private sector.
Additionally, it includes policy adjustments, tax measures, executive orders aimed at easing business costs, and reduced interest rates for sectors like small and medium enterprises, alongside larger corporations.
The initiative responds to current economic challenges exacerbated by high inflation following the removal of fuel subsidies and the floating of the naira.
Despite demands from labor unions for improved wages amidst rising living costs, Tinubu’s administration remains steadfast in its reform efforts, promising dividends from these measures in the near future.
