The Federal Government has announced that it has stopped non-critical and administrative capital spending, including the purchase of vehicles.
The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a document tagged “What you need to know about the Nigeria Economic Sustainability Plan” made available to journalists in Abuja on Thursday.
The plan was developed by the Economic Sustainability Committee chaired by Vice-President Yemi Osinbajo and established by President Muhammadu Buhari on March 30, 2020.
It was designed to support the nation’s economy in the face of the disruptions and challenges of the COVID-19 pandemic.
Adesina stated that only ambulances, fire-fighting vehicles and other essentials are exempted from the ban on the purchase of vehicles.
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He said, “The President has approved the implementation of the report on the rationalisation of government agencies. The NESP will also target a reduction in average production costs of crude oil.
He also explained that there will also be an extensive focus on the construction and repair of major and rural roads, using locally available materials like limestone, cement and granite, Adesina pointed out that the plan would deliver up to 300,000 homes every year.
Adesina said the NESP, which had been developed as a 12-month N2.3trillion transit plan between the Economic Recovery and Growth Plan and the successor plan to the ERGP currently in development would be funded through N500 billion from Special FGN Accounts; N1.1 trillion from the CBN in the form of structured lending; N334 billion from external bilateral/multilateral sources; and N302.9 billion from other funding sources.
