The Nigerian government has announced a $6bn (£4.8bn) stimulus package to support businesses hardest hit by the coronavirus pandemic.
A committee led by Vice-President Yemi Osinbajo put forward the proposal.
It was approved by the cabinet during a virtual meeting on Wednesday.
Nigeria is under pressure to stimulate growth and cut debt amid a slump in global oil prices.
Nigeria is one of the continent's largest oil producers and money from its sale is vital for government spending.
Mr Osinbajo said millions of Nigerians could fall into extreme poverty before the pandemic ends if measures are not taken.
The vice-president said the plan was to put money into the economy, and hopefully stop it from slipping into recession.
At the moment, it is still not clear how the money would get to the intended businesses and households.
In the past, funds intended to stimulate the economy and encourage growth were misappropriated by public officials.
Meanwhile, the World Bank has approved a $750m loan for Nigeria’s energy sector.
Latest Stories
-
Quincy Jones: His brilliance explained in 10 songs
3 hours -
Nigeria and Britain hail partnership to boost economic ties, security
4 hours -
Chad threatens to withdraw from multinational security force
4 hours -
Cocoa farmers hoard beans in anticipation of price hike, reports Reuters
4 hours -
Boat capsizes off Comoros islands, 25 killed, UN agency says
4 hours -
How are votes counted in the US election?
4 hours -
Mozambique presidential runner-up escapes alleged assassination attempt
4 hours -
Nigerian children who collapsed in court released
5 hours -
Quincy Jones: From ‘street rat’ to music mastermind
5 hours -
Bawumia outlines plans to develop three major railway lines alongside road projects
5 hours -
I want you to be millionaires through my responsible mining policies – Bawumia assures miners
6 hours -
‘Constitution reigns supreme in Ghana’- Declares Attorney General
6 hours -
‘Efua Ghartey’s GBA presidency has a divine touch’, says Attorney General Dame
6 hours -
Esports Ghana: Stakeholders gear up for pivotal meeting in Accra
6 hours -
GPL 2024/25: Legon Cities beat Yong Apostles to record back-to-back wins
6 hours