President Bola Tinubu announced on Thursday that his administration plans to inject N2 trillion into the Nigerian economy over the next six months. This initiative aims to stabilize and advance various critical sectors.
Speaking during the inauguration of the Presidential Economic Coordination Council (PECC), President Tinubu outlined the accelerated stabilization and advancement plan. The PECC comprises members from different sectors of society and the economy.
Following the inauguration, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, detailed the allocation of the emergency funding. Key sectors set to benefit include Health, Agriculture, and Energy/Power.
“The President has just inaugurated the Presidential Economic Coordination Council, which includes his Economic Management Team, leaders of the National Assembly, representatives from the Nigerian Governors Forum, and key private sector figures,” Edun stated.
He explained that the N2 trillion package includes:
N350 billion for Health and Social Welfare
N500 billion for Agriculture and Food Security
N500 billion for the Energy and Power sector
N650 billion for general business support
Additionally, a series of policy measures, tax measures, and executive orders have been signed to reduce the cost of doing business.
Tony Elumelu, Chairman of Heir Holdings and founder of the Elumelu Foundation, emphasized the importance of affordable food and the need to boost daily oil production. He expressed gratitude for his appointment to the Council and stressed the private sector’s role in creating jobs and improving the economy.
Aliko Dangote, President of the Dangote Group, highlighted the Council’s advisory role to the government on policy implementation. He asserted that with substantial private sector investment, the economy could see significant improvements within months.
The establishment of the PECC, personally chaired by President Tinubu, was announced on March 27, 2024, by his Special Adviser on Media and Publicity, Ajuri Ngelale.
The Council’s membership includes:
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 from Agriculture and Food Security, Aviation and Aerospace Development, Budget and Economic Planning, Communications, Innovation and Digital Economy, Industry, Trade and Investment, Labour and Employment, Marine and Blue Economy, Power, Petroleum Resources, Gas, Transportation, and Works.
Thirteen key private sector members will join the Council for a period not exceeding one year, subject to the President’s directive. These members include Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.
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