Tinubu receives ‘ambitious’ emergency economic plan

Wale Edun, Minister of Finance and Coordinating Minister of Economy on Tuesday evening submitted the Accelerated Stabilization and Advancement Plan to President Bola Tinubu.

The economic stabilisation plan was developed by the federal government’s Economic Management Team, EMT Emergency Taskforce (EET).

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According to the presidency, the plan is a cross government response to stabilise the Nigerian economy and reposition it towards a higher growth trajectory.

The EMT Emergency Taskforce is comprised of participants from federal government, state governments and the private sector.

Edun had last Tuesday hinted that government will soon unveil an ‘economic emergency plan’, aimed to stabilize the nation’s economy and set it on path of continued growth.

According to him, the plan is in furtherance of his mandate to restore the Nigerian economy through macroeconomic reforms.

“We do have a fresh economic emergency plan for stabilising the economy that we will be implementing over the next six months and has been put together by the economic team, the private sector representatives, the sub-nationals, the state governments,” he had stated at a ministerial press meeting.

Edun did not give details of the anticipated economic blueprint, but assured that the federal government’s revenue trajectory had greatly improved.

Also in February, government sought the World Bank’s support on its plans to revamp the economy.

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The call was made during a visit by Anna Bjerde, World Bank Managing Director of Operations, for talks on what she called “ambitious” plan of government to steer the economy towards recovery.

BusinessDay understands those talks at the time focused on macroeconomic reforms as well as Nigeria’s social safety net programs which the bank is hugely supporting presently.