About the Nigeria
Economic Sustainability Plan
The Nigeria Economic Sustainability Plan (NESP), approved by the Federal Executive Council (FEC) on June 24, 2020, was developed by the Economic Sustainability Committee (ESC), established by President Muhammadu Buhari on March 30, 2020. The NESP was developed in consultation with Cabinet Ministers, Heads of Federal Agencies, the Presidential Economic Advisory Council(PEAC), State Governors and the National Assembly. The NESP has been developed as a 12-month, 2.3 Trillion Naira ‘Transit’ Plan between the Economic Recovery and Growth Plan (ERGP) and the successor plan to the ERGP, which is currently in development.
The Economic Sustainability Plan aims to mitigate the effects of a deep recession, while ensuring social stability and addressing long-standing economic vulnerabilities as envisaged in the Economic Recovery and Growth Plan (ERGP). While a stimulus package is a good start, we recognise that merely spending without increasing production will only fuel inflation. We therefore need a simple but big vision that focuses on retaining and creating jobs and increasing productivity. Consequently, the Economic Sustainability Plan which will last for one year focuses on achieving mass employment and mass domestic production, which are not dependent on importation or foreign exchange expenditure.
Terms of Reference
Identification of fiscal measures for enhancing distributable oil and gas revenue, increasing non-oil revenues and reducing non- essential spending, towards securing sufficient resources to fund the plan
Provision of a Fiscal/Monetary Stimulus Package, including support to private businesses (with emphasis on strategic sectors most affected by the pandemic) and vulnerable segments of the population
Articulation of specific measures to support the States and FCT
A clear-cut strategy to keep existing jobs and create opportunities for new ones;
Identify measures that may require legislative support to deliver the Plan.