Recession: FG Set to launch Economic Recovery Plan in February Says Osinbajo

The President Muhammadu Buhari-led Federal Government, on Wednesday said plans have been concluded to launch its economic recovery plan in February.

Speaking on the sideline of the World Economic Forum in Davos, Switzerland, the Vice President said that massive investments in the people and their skills would bring about economic prosperity.

The VP was quoted to have said this via a statement by his media aide, Mr. Laolu Akande.

According to Osinbajo, the Buhari’s administration is “committed to investing more in infrastructure,” than in previous times by ensuring that 30% of the budget goes into capital expenditure.

Disclosing that the government is working on how to tap into Nigeria’s huge Pension Fund to finance infrastructure in the country, Osinbajo said to do this “we have to first derisk” such financing models for infrastructure” and by “active engagement with, and encouraging the private sector.”

Osinbajo who stressed that the Buhari administration is very confident about the recovery of the Nigerian economy, said, “It is not difficult to get out of where we are if we understand why we are where we are.”

The Vice President assured that the federal government’s newly developed Economic Recovery Growth Plan has been specifically designed to take the country out of recession and in the long term continue to grow the economy.