President Bola Tinubu announced on Thursday that his administration plans to inject N2 trillion into the economy over the next six months. This significant economic boost was revealed during the inauguration of the Presidential Economic Coordination Council (PECC), which comprises experts and representatives from various sectors of society and the economy.
During the inauguration, President Tinubu presented the findings of his review of the accelerated stabilization and advancement plan. This review highlights the administration’s strategic approach to fast-track economic development and stabilize key sectors. The plan is designed to address immediate economic challenges while laying a foundation for sustainable growth.
Following the inauguration, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provided details on the allocation of the emergency funds. He explained that the N2 trillion would be distributed across several critical areas, including Health, Agriculture, Energy/Power, and other essential sectors. This targeted investment aims to address pressing needs and stimulate economic activity in these pivotal areas.
According to him, “The President has just inaugurated the Presidential economic Coordination Council and that is a body that is made up of the President’s Economic Management Team, the Legislature, represented by the leaders of the National Assembly; the Senate President and the Speaker of the House of Representatives, as well as very importantly, the sub-nationals, represented by the chairman of the Nigerian Governors Forum, and, of course, the elite of the private sector.”
“They were presented with the outcomes of Mr. President’s review of the accelerated stabilization and advancement plan and that was an emergency plan to cover the next six months, which Mr. President had directed that a combination of his own Economic Management Team and the sub nationals, the governor’s level, and the private sector put together for his consideration.”
“The song of that very important exercise is that a N2 trillion package involving N350 billion funding for Health and Social Welfare; N500 billion funding for Agriculture and Food Security; N500 billion for the Energy and Power sector and general business support of about N650 billion.”
“In addition to a range of policy measures and tax measures, there is a range of executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business at this particular time”, he said.
Also speaking, the Chairman of Heir Holding and founder of Elumelu Foundation, Mr. Tony Elumelu said it was time to put food on the table at an affordable price.
Elumelu, who expressed appreciation to the President for appointing him a member of the Council, said that President Tinubu called for an improvement of daily oil production.
He said with the full participation of the private sector in the Tinubu’s government, things would improve for better and more jobs created.
On his part, President of the Dangote Group, Aliko Dangote said that the Council will sit down and advise the government on the kind of policies to implement for the good of the people.
He said that the private sector will invest heavily on the economy in order to create jobs, adding that the economy could be turned around within months.
Recall that President Tinubu announced the constitution of the Council, which he personally chairs, in a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, of March 27, 2024.
Other membership of the PECC are Vice President Kashim Shettima, Vice-Chairman; President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.
Others include Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.
The PECC, which also comprises 13 key members of the organized private sector, joining for a period not exceeding one year, subject to the President’s directive include Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke and Dr. Doyin Salami.
Other PECC members from the private sector are Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu and Mr. Rasheed Sarumi.
