UN supports Nigeria’s economic programme with $250m

The United Nations has offer Nigeria $250 million to boost the nation’s Economic Sustainability Plan.

This, the UN said was to complement the country’s COVID-19 economic recovery efforts under the Economic Sustainability Plan initiative.

The offer was made known by the UN Deputy Secretary-General, Ms. Amina Mohammed, and top officials of the world body, as an initiative of the UN in Nigeria as well as the Nigeria Development Partners’ Group.

Vice-President Yemi Osinbajo said the offer aligned with the Federal Government’s Economic Sustainability Plan.

This was contained in a statement by the media aide to Osinbajo, Mr Laolu Akande.

The statement showed that out of the $250 million to be mobilised, $13.78 million would be earmarked to develop health response system; $53.3 million to protect people; $30.7 million for macroeconomic stability and economic recovery and $26.6 million for social protection to assist communities in building back better.

Osinbajo stated, “I think that the offer aligns with the government’s Economic Sustainability Plan.

“It seeks to mobilise close to $250 million and will provide targeted support to the development of health response systems ($13.78 m); protecting people ($53.3); macroeconomic stability and economic recovery ($30.7); as well as social protection ($26.6m) to assist communities in building back better. Rallying support and thinking through a programme such as the UN Plus Offer for socio-economic recovery is a demonstration of the kinship that we developed with our partners and the United Nations.”

 Earlier, Mohammed had said the launch of the initiative was a demonstration of an effective partnership between the UN system and the administration of President Muhammadu Buhari.

According to her, various components of the initiative will expedite interventions in four key areas which are also being addressed under the Nigerian Economic Sustainability Plan.

“This offer is aimed at supporting Nigeria in its immediate efforts at risk mitigation by cushioning vulnerable communities, and through medium-term measures that will aid socio-economic recovery while addressing structural drivers of exclusion, inequalities and discrimination as a component of recovering better,” she said.

The statement also quoted the United Nations Development Programme (UNDP) Resident Representative and Chair of Nigeria Development Partners Group, Mr. Mohammed Yahya, as saying that the offer is in response to the UN Secretary General’s call for action, noting that the offer was conceived to support the government’s action on post-COVID-19 medium-term socio-economic recovery.