The Federal Executive Council (FEC) on Wednesday, June 24, approved a N2.3trillion stimulus plan to cushion the economic effects of COVID-19. This forms part of the Nigeria Economic Sustainability Plan (NESP) recommended by the Economic Sustainability Committee set up by President Muhammadu Buhari and led by Vice President Yemi Osibanjo. The NESP is a 12-month plan targeted at job creation and increasing cash flow in the economy to avoid recession. The Appropriations Act 2020 (as amended) accounts for about N500 billion of the stimulus plan fund; low cost loans of up to N1.2 trillion will be provided by the Central Bank of Nigeria (CBN), development partners and institutions, while N344 billion is to be derived from external sources and the rest of the funds sourced locally. <\/p>\n\n\n\n
CBN announced the disbursement of N49billion COVID-19\nintervention funds, which is part of its N50billion Targeted Credit Facility.\nCBN through the NIRSAL Microfinance Bank disbursed COVID-19 intervention funds\nto businesses and families with verifiable evidence of livelihood or business\nactivities adversely affected by the pandemic. According to CBN Director,\nCorporate Communications, Isaac Okoroafor, about 80,0000 operators of Micro,\nSmall and Medium Scale Enterprises (MSMEs) and households are beneficiaries of\nthe fund. The credit facility being financed from the CBN\u2019s N220 billion MSME\ndevelopment fund was made available for the agriculture, hospitality, health\nand manufacturing sectors, as well as for airline service providers. These\nloans are repayable at an interest loan of 5%, which will revert to 9% by March 2021. Other funds\navailable include N100 billion for healthcare facilities. <\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Executive Council (FEC) on Wednesday, June 24, approved a N2.3trillion stimulus plan to cushion the economic effects of COVID-19. This forms part of the Nigeria Economic Sustainability Plan (NESP) recommended by the Economic Sustainability Committee set up by President Muhammadu Buhari and led by Vice President Yemi Osibanjo. The NESP is a 12-month […]<\/p>\n","protected":false},"author":2,"featured_media":1456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/1548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=1548"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/1548\/revisions"}],"predecessor-version":[{"id":1552,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/1548\/revisions\/1552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/1456"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=1548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=1548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=1548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}