The Federal Government of Nigeria will spend the sum of N2.3tn to reposition the nation’s economy, so says Special Adviser to the President on Media and Publicity, Mr Femi Adesina.

In a statement issued on Sunday at the 2nd Annual Conference and General Meeting of the International Islamic University, Malaysia Alumni Association, Nigeria chapter, Adesina said that the cash injection was part of the Nigeria Economic Sustainability Plan to cushion the effects of COVID-19.

He explained that the NESP comprised N500bn COVID-19 Crisis Intervention Fund meant to upgrade health facilities nationwide and finance a national Special Public Works Programme.

According to him, the N1.1tn structured lending from the Central Bank of Nigeria; N334bn is to be derived from external bilateral and multilateral sources; and N302.9bn from other undisclosed sources.

He said; “The 12-month ‘transit’ scheme under the NESP was developed as a successor plan to the Economic Recovery and Growth Plan. When compared to other world economies, the Nigerian economy was not as badly hit by the COVID-19 pandemic, contrary to doomsday projections that had earlier come from the West.”

Adesina also urged states and local governments to complement the efforts of the Federal Government to cushion the negative effects of the COVID-19 pandemic on the people.