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Tinubu’s N1tn Economic Relief Packages



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Last Thursday, June 27, 2024, President Bola Tinubu for the first time, attended the National Economic Council meeting which is constitutionally chaired by the vice president, Senator Kashim Shettima.

It was the 142nd National Economic Council meeting attended by state governors and some deputies at the State House, Abuja. By the time the press was being informed about what transpired at the meeting an economic relief package totalling about N1tn was unveiled for Nigerians.

Is this Tinubu’s Marshall plan to rebuild, reconstruct and revamp the economy of Nigeria?

Highlights of the package are as follows: The president gave all the state governors seven days to provide concrete feedback on their plans to rev up food production in their respective states.

He also announced a National Construction and Household Support Programme which would see 100,000 families in each state getting N50,000 grant for three months; N155bn would be disbursed for assorted foods; 36 states and the Federal Capital Territory would get N10bn allocations each for CNG buses.

In summary, the N50,000 planned for 3.7 million families across the 36 states and the FCT, the N10bn allocation each for CNG buses in the 36 states and the FCT, and the N155bn spending on assorted foods, are estimated to cost over N1tn.

The president was quoted as saying, “There is nothing we are doing that is more important than producing high-quality food for our people to consume, buy, and sell. We create jobs in the production of it. And that is before we generate wealth by exporting the excess. It is not beyond us to achieve this for Nigerians.”

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