In June, a whooping sum of N2.3 trillion was approved by the Federal Executive Council (FEC) in a plan presented by the Nigerian Economic Sustainability Plan (NESP). Media Aide to the Presidency, Tolu Ogunlesi, revealed that the funds will support the Nigerian Economy which was severely affected by the pandemic.
The funds will create jobs, put money into the economy, hopefully, stop it from slipping into recession, support small businesses, and prioritize local content.
The NESP is a 12 Month ‘transit’ plan between the ERGP and the ERGP-Successor-Plan currently being worked on.
During the two-day first-year ministerial performance retreat review, President Buhari through the Vice President, Prof. Yemi Osinbajo, requested the immediate release of the funds to implement the Economic Sustainability Plan (ESP) as well as funds for capital projects.
A Breakdown of the Economic Sustainability Plan
In order to cushion the effects of the pandemic on the economy, the Economic Sustainability Plan recommended a mass housing strategy that would create 1.8 million jobs, a Solar Power strategy expected to create 250,000 jobs, a digital economy strategy to create 1 million jobs for outsourcing, a national gas expansion program to support the creation of 1 million jobs a road construction and rehabilitation to create 296,000 jobs in the six geo-political zones as well as 774,000 jobs across the country.
The plan will be funded thus:
- ₦500 billion from Special Accounts.
- ₦334 billion from external bilateral/multilateral sources.
- ₦1.1 trillion from the CBN in the form of structured lending.
- ₦302.9 billion from other funding sources.