The Minister of State, Budget and National Planning (MBNP), Mr Clem Agba, says the ministry has developed three strategies for quick recovery of the economy.
He said this during the second virtual Community of Practice (CoP) meeting of commissioners of economic planning in Abuja on Tuesday.
“To prevent a potential deep recession and to accelerate quick recovery of the economy we have developed a three-broad strategies.
“Economic stimulus package, mobilisation of external support and funding, and increase our non-oil revenue generation,” Agba said.
He explained that the aim was to retain and create jobs, increase productivity, ensure social stability and addressing long standing economic vulnerability as envisaged in the Economic Recovery and Growth Plan (ERGP).
“I am happy to announce to you that the total estimated stimulus package by the Federal Government of Nigeria is N2.3 trillion.
“This consist of N500 billion Federal Government of Nigeria intervention fund, N1.2 trillion Central Bank of Nigeria intervention funds, N334 billion from the bank of Industry, bilateral, multilateral interventions, and additional Federal Government support of N300 billion”.
The minister further stated that these packages consisted to a large extent of a combination of fiscal and monetary policies, sectoral interventions and social programme.
He added that the fiscal and monetary policies would support states, businesses and individuals through grants, tax relief, payroll support, tariff reductions and direct support to the health sector.
Agba noted that the real sector interventions would focus on mass agriculture, mass housing, public works, solar power installations and support small businesses.
According to the minister, the common feature of the interventions will create jobs, empower farmers and entrepreneurs, use up to 100 per cent material, conserve foreign exchange and have guaranteed off take of outputs especially in agriculture and housing.