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The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has introduced the Accelerated Stabilisation and Advancement Plan (ASAP) aimed at addressing major challenges impacting reform efforts and promoting growth across various sectors of the economy.
In a notable shift, the new plan acknowledged that the government is still subsidizing fuel consumption, with projected expenditure on fuel subsidy expected to reach N5.4tn by 2024, compared to N3.6tn in 2023 and N2tn in 2022.
The presentation of the plan to President Bola Tinubu followed comments made by Edun during a television interview, where he mentioned the upcoming stabilisation package in response to the departure of some multinationals from Nigeria.
The draft copy of the plan, along with an accompanying Executive Order, outlines the administration's approach to addressing challenges that could hinder its reforms.
ASAP is aligned with Tinubu’s eight priority areas for the economy and includes sub-committee plans for Agriculture and Food Security, Energy (Oil, Gas, Power), Health and Social Welfare, and Business Support.
The Executive Summary of the plan highlights the primary goal of combating the "difficult economic conditions threatening to unravel bold reforms undertaken by Mr. President."
ASAP also identifies persistent high inflation and high interest rates as obstacles for businesses seeking to borrow.
