Vice President Yemi Osinbajo stated that Nigeria’s economic recovery is “a steady one”.
He credited the steady economic growth to the Economic Sustainability Plan (ESP) initiated by the federal government.
The VP’s remarks were contained in a statement issued by his Senior Special Assistant on Media and Publicity Laolu Akande.
He said that the goal of the ESP was to ensure that a deep recession is averted and money is spread across the country after the “economic fallouts” spurred by the pandemic.
Osinbajo said, “The plan is aimed, among others, at preventing a deep recession and putting cash in the hands of Nigerians after the economic fallouts of the COVID-19 pandemic.
“Right from the 2020 third quarter, the economy was already on a rebound. The latest fourth-quarter figures show that indeed, the recovery of the Nigerian economy is a steady one.
“Like we explained late last year after the release of the third-quarter figures, the ESP, which was a calculated intervention by the Federal Government, is driving the Nigerian economy in the right direction – upwards.
“Nigerians can expect more because the administration is unrelenting in its determination to pursue the steady recovery and growth of our economy.”
What is the Economic Sustainability Plan?
On June 24, 2020, the Federal Executive Council (FEC) approved the Economic Sustainability Plan (ESP) as developed by the Economic Sustainability Committee (ESC).
The ESC is chaired by Osinbajo and has an array of members including the Governor of the Central Bank of Nigeria, the Group Managing Director of the NNPC, and cabinet ministers.
The goals of the plan include creating a financial stimulus package for the country’s economy.
Noting measures to improve oil and non-oil revenues of the government and cut back on extra budgeting.
Support MSMEs and creating more jobs, among other things.
It is funded by Special FGN Accounts, the CBN, external bilateral/multilateral sources, among various other sources.