According to report from vanguard, President Bola Tinubu announced plans to inject N2 trillion into the economy over the next six months during the inauguration of his Presidential Economic Coordination Council (PECC), a diverse body encompassing representatives from government, the private sector, and legislature. The initiative, part of an Accelerated Stabilization and Advancement Plan, aims to address urgent economic needs across various sectors.
At the inauguration, attended by key figures including Vice President Kashim Shettima and leaders from the National Assembly and Nigerian Governors' Forum, Tinubu outlined strategic priorities. These include allocating N350 billion to health and social welfare, N500 billion to agriculture and food security, N500 billion to energy and power, and N650 billion to general business support. The plan also includes executive orders and policy measures to enhance the business environment.
Minister of Finance Wale Edun elaborated on the plan's specifics, highlighting the collaborative effort between the government's Economic Management Team, state governors, and private sector elites. The goal is to stimulate economic growth, increase oil production, and foster job creation, with a strong emphasis on public-private partnerships.
Prominent private sector leaders such as Tony Elumelu and Aliko Dangote expressed optimism about the council's potential impact. They emphasized the need for policy alignment to drive economic recovery swiftly, stressing the importance of affordable food prices and substantial private sector investment.
The PECC, chaired by Tinubu, comprises a comprehensive lineup of ministers and private sector representatives tasked with advising on economic policies for national development. This initiative underscores a concerted effort to leverage both public and private resources to revitalize the economy within a condensed timeframe.
Tinubu's administration aims to navigate immediate economic challenges through coordinated efforts, reflecting a proactive approach to governance amidst evolving economic landscapes.