According to Vanguard, President Bola Tinubu revealed plans to infuse a substantial N2 trillion into various sectors of the economy over the next six months. This initiative was disclosed during the inauguration of the Presidential Economic Coordination Council (PECC), a diverse body comprising representatives from different sectors of society and the economy.
President Tinubu, in his address at the inauguration, shared insights from his review of the accelerated stabilization and advancement plan. Following the inauguration, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provided a detailed breakdown of the areas earmarked to benefit from the emergency funding, including Health, Agriculture, Energy/Power, and other critical sectors.
The PECC, which includes members from the President's Economic Management Team, leaders from the National Assembly, representatives from the Nigerian Governors Forum, and prominent figures from the private sector, was presented with the outcomes of the accelerated stabilization and advancement plan. This emergency plan, designed to span the next six months, entails a comprehensive N2 trillion package. The allocation comprises N350 billion for Health and Social Welfare, N500 billion for Agriculture and Food Security, N500 billion for the Energy and Power sector, and N650 billion for general business support.
During discussions following the inauguration, Mr. Tony Elumelu, Chairman of Heir Holding and founder of Elumelu Foundation, emphasized the importance of ensuring affordable access to food for all. He commended President Tinubu for his leadership and highlighted the need to enhance daily oil production. Mr. Elumelu expressed optimism about the private sector's active involvement in Tinubu's administration, foreseeing improved economic conditions and job creation.
Aliko Dangote, President of the Dangote Group, underlined the council's role in advising the government on policy formulation for the benefit of the populace. He emphasized the private sector's commitment to investing significantly in the economy to stimulate job creation, suggesting that a turnaround could be achieved within months.
President Tinubu had earlier announced the formation of the PECC, which he personally chairs, with Vice President Kashim Shettima serving as the Vice-Chairman. The council includes key figures such as the President of the Nigerian Senate, the Chairman of the Nigeria Governors' Forum, the Coordinating Minister for the Economy and Minister of Finance, the Governor of the Central Bank of Nigeria, and Ministers responsible for Agriculture and Food Security, Aviation and Aerospace Development, as well as Budget and Economic Planning.