President Muhammadu Buhari
With Wednesday’s approval of the N2.3 trillion Nigeria Economic Sustainability Plan by the Federal Executive Council, the Federal Government has stopped what it called 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 the President Muhammadu Buhari earlier in March.
It was designed to support the nation’s economy in the face of the disruptions and challenges of the COVID-19 pandemic.
Adesina listed eight key interventions as stated in the plan to include mass agricultural programme, infrastructure, informal sector support, business support for MSMEs, technology, expansion of National Social Investment Programmes, cut non-essential spending and support for state governments.
As part of ways to cut non-essential spending, Adesina said only ambulances, fire-fighting vehicles and other essentials are exempted from the ban on the purchase of vehicles.
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.
“Also, the Integrated Personnel and Payment Information System will be expanded to cover all Federal Government’s MDAs.
“Non-critical and administrative capital spending will be eliminated, including purchase of vehicles (except for ambulances, fire-fighting vehicles and other essentials).”
He added that the Economic Sustainability Committee would monitor the implementation of the plan while the Vice President will regularly brief the President on progress made.