President Bola Tinubu has approved a comprehensive economic stimulus package aimed at supporting households, boosting food production, and promoting transportation. The package, announced at the 142nd National Economic Council meeting, includes a range of initiatives designed to stimulate economic growth and alleviate economic hardship.
President Tinubu Unveils Economic Stimulus Package, Allocates Billions for Food, Transportation, and Household Support
Key components of the package include a N155 billion allocation for the purchase and distribution of assorted foodstuff, a N10 billion grant to each state and the Federal Capital Territory for the procurement of CNG buses, and a National Construction and Household Support Programme. Under this program, 100,000 families in each state will receive a N50,000 grant for three months.
The package is estimated to cost over N1 trillion and is designed to support 3.7 million families across the 36 states and the FCT. President Tinubu has given state governors seven days to provide concrete feedback on their plans to boost food production in their respective states.
This economic stimulus package is a significant move by the federal government to address economic challenges facing the country. The initiatives outlined in the package have the potential to create jobs, stimulate economic growth, and alleviate economic hardship.
As the country navigates its current economic challenges, this package provides a much-needed boost to households, farmers, and transportation providers. The President’s commitment to supporting the most vulnerable members of society is evident in this package, and it is hoped that it will have a positive impact on the lives of millions of Nigerians.
