FG To Spend N2.3trn Stimulus Fund On Rural Electricity, Others

The federal government’s Solar Homes Systems (SHS) programme developed under the Economic Sustainability Plan (ESP) targets the provision of modular solar-powered units to five million households to serve 25 million people in rural and under-served areas, Vice President Yemi Osinbajo has said.

Osinbajo, in a keynote address at the virtual 2020 Presidential Policy Dialogue organised at the weekend by the Lagos Chamber of Commerce and Industry (LCCI), said in response to the economic challenges posed by COVID-19, the government developed the ESP with a stimulus package of N2.3trn to lift the economy.

He said, “We expect to start with assembling considering we are doing five million homes; which is huge.”

He further said the ESP included supporting Micro, Small and Medium Enterprises (MSMEs) to promote local production of pharmaceuticals and COVID-19 essentials like Personal Protective Equipment (PPE), face masks, face shields and hand sanitisers.

The ESP will bring “jobs for food” for the agriculture sector; targeting five million jobs while guaranteeing uptake by processors, aggregators and the government. There will also be “jobs through homes” for the housing sector.

The VP added that, “In all of what we are doing, part of the N2.3trn stimulus package is to make the government the buyer of last resort.”

The President of LCCI, Mrs. Toki Mabogunje, said the short-term outlook of the key economic indicators was dull, but that she was hopeful in the long-term.

Mrs. Mabogunje said, “However, we believe that the Nigerian economy has some strong fundamentals. Our natural resources endowments are vast, the domestic market is large and our people are resourceful and enterprising. What is missing are the enablers.”