President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC), which is tasked with strategizing solutions to the country’s current economic challenges.
The Council includes a diverse mix of government officials, top private sector players, and consultants, such as the President of Dangote Industries Limited, Mr. Aliko Dangote; Chairman of the United Bank for Africa, Mr. Tony Elumelu; and Chief Executive Officer of the Financial Derivatives Company Limited, Bismarck Rewane.
During the briefing with State House correspondents after the inauguration, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, explained that the Council is mandated to meet and report to the President on a monthly basis. This regular reporting aims to ensure ongoing evaluation and adjustment of the economic strategies implemented by the administration.
Edun also highlighted that President Tinubu presented the PECC with the outcomes of his accelerated stabilization and advancement plan. This plan, described as an emergency measure, is designed to cover the next six months and aims to address immediate economic challenges while laying a foundation for sustainable growth.
In addition, the Council is to galvanise the current administration’s target of getting crude oil production up to two million barrels per day.
Mr Edun also said the plan involves an N2trn package aimed at stabilising the economy and it includes:
* 350 billion Naira for Health and Social Welfare
* 500 billion Naira for Agriculture and Food Security
* 500 billion Naira for the Energy and Power sector
650 billion Naira for general business support
He further explained that the Federal Government is focusing attention on boosting agricultural production in the country to ensure food security.
Also speaking, billionaire business tycoon and Africa’s richest man Dangote assured Nigerians that the PECC would come up with measures that will help the economy bounce back in the shortest possible time.
Also, Elumelu commended the President for constituting the Council as he pledged the commitment of the private sector.
Other members of the 31-member Council include Senate President Godswill Akpabio; the Speaker of the House of Representatives, Tajudeen Abbas; Chairman of the Nigeria Governors Forum, AbdulRahman AbdulRazaq; 12 ministers, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.
Members from the Organised Private sector include Dangote; Elumelu; Alhaji Abdul Samad Rabiu; Ms. Amina Maina, Mr Segun Ajayi-Kadir; Dr Funke Opeke; Dr. Doyin Salami; Mr. Patrick Okigbo; Mr. Kola Adesina; Mr. Segun Agbaje; Mr. Chidi Ajaere; Mr. Abdulkadir Aliu; and Mr. Rasheed Sarumi.
