President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC) on Thursday, tasked with devising strategies to address the current economic challenges in Nigeria.

The Council comprises government officials, prominent figures from the private sector, and consultants, including Aliko Dangote of Dangote Industries Limited, Tony Elumelu of United Bank of Africa, and Bismarck Rewane of Financial Derivatives Company Limited.

Following the inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, briefed State House Correspondents, outlining the Council’s mandate to meet monthly and report directly to the President.

Tinubu presented the PECC with an accelerated stability, stabilization, and advancement plan designed to guide economic policies over the next six months.

Edun highlighted key aspects of the plan, including efforts to increase crude oil production to two million barrels per day and a 2 trillion Naira economic stabilization package.

This package allocates 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, and 650 billion Naira for general business support.

He emphasized the government’s focus on enhancing agricultural production to ensure food security.

Aliko Dangote expressed confidence that the PECC would propose measures to swiftly revive the economy.

Tony Elumelu praised the President for establishing the Council, affirming the private sector’s commitment to supporting its objectives.