President Bola Tinubu has inaugurated the Presidential Economic Coordination Council entrusted with maneuvering a way out of the current economic situation in the country.

This council will also compliment the administration’s efforts at re-engineering the nation’s economic governance framework.

Members of the The Council include government officials, top private sector players, and consultants including President of the Dangote Industries Limited, Aliko Dangote; Chairman of the United Bank of Africa, Tony Elumelu; and Chief Executive Officer of the Financial Derivatives Company Limited, Bismarck Rewane.

President Tinubu inaugurated the Presidential Economic Coordination council with a mandate to stimulate growth in critical sectors of the economy that will translate into prosperity, food security and jobs.

President Tinubu also presented the outcomes of his review of the accelerated stabilisation and advancement plan, which seeks to inject N2tn into the economy in the next six months.

This is expected to go a long way in easing the pressure on Nigerians groaning under the impact of what the government calls necessary economic reforms..

The mandate of the newly inaugurated council is to ease the cost of doing business and to reduce interest rates for MSME and certain sectors.
This is expected to stabilise the economy and get businesses growing again.

The coordinating minister of the economy, Wale Edun says the Private sector will play a critical role in revamping the economy.

He added that President Bola Tinubu’s focus is also on food production and security.

The Private sector will advise President Tinubu’s administration on policy direction, and also increase investments that will create jobs and economic opportunities.

President Tinubu also emphasised his commitment to reducing losses in the crude oil sector and ramp up daily production to 2 million barrels.

The newly inaugurated council comprises the current economic management team, the leadership of the Legislature, the sub-national governments represented by the chairman of the Nigeria Governors’ forum and the private sector.