President's economic recovery plan is ready - Osinbajo

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January 19, 2017 6:25 PM

The Vice-President added that the government is considering using parts of the Pension Funds for infrastructure projects.

Nigerian President Muhammadu Buhari speaks to the press in Paris in September 2015

The highly anticipated Presidential economic recovery plan is ready to launch, according to Professor Yemi Osinbajo.The Vice President, who doubles as head of the Presidential Economic Team said this at two distinct panels discussing Nigeria on the sidelines of the World Economic Forum in Davos, Switzerland.He also mentioned that the federal government was very open to the idea of drawing from the Pension Funds to finance major infrastructural projects.

ALSO READ: Nigeria's efforts to get international loans have stalled.This comes in the face of reports that the World Bank has refused to consider the government's loan request due to its delay in submitting the required economic plan.Speaking at the Business Interaction Group hosted by the Nigerian Delegation in Davos, Osinbajo said that while the nation's economy contracted by 1.8% in the final quarter of 2016, the government has a robust plan to ensure its recovery.

He added that constant interaction with and support for the private sector was also vital, making reference to the government's unrestrained contribution to the Dangote Group's refinery project - which is poised to be the world's largest single-line refinery once completed.The Vice-President's statements were recounted to the press by his media aide, Laolu Akande.Professor Osinbajo also gave examples of some of the government's promised welfare initiatives, including a 500 billion naira fund set aside for social investment programmes, and grants to be awarded to students of tertiary institutions studying Science, Technology, Engineering and Maths.The Vice President emphasised that the government remains assured that the Nigerian economy will recover, adding that "it is not difficult to get out of where we are if we understand why we are where we are".

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