Tinubu injects N2trn to stimulate economy

Members of the PECC

. Inaugurates economic team

President Bola Tinubu has approved the injection of N2 trillion into the economy to stimulate it.

The Finance Minister and Coordinating Minister of the Economy, Wale Edun, said Tinubu gave the approval on Thursday while unveiling an accelerated stabilisation and advancement plan.

He presented the plan while inaugurating the Presidential Economic Coordination Council (PECC) at the State House in Abuja, three months after a 30-member committee was constituted to revive the economy in the short term.

The minister who briefed journalists after the meeting, said: “They (PECC members) were presented with the outcomes of Mr. President’s review of the accelerated stabilisation and advancement plan.

“It is an emergency plan to cover the next six months, which Mr. President has directed his economic team, the sub-nationals, and the private sector to put together for his consideration.

“In addition to a range of policy and tax measures, there is a range of executive orders which Mr. President has signed, and which are being gazetted to ease the cost of doing business.

“There are a number of funding which will reduce the cost of interest rates for certain sectors, small and medium scale in particular, but also larger companies.”

The move is coming when the Nigerian economy is facing serious challenges and inflation figures have reached new highs after the removal of fuel subsidy and the floating of the naira.

Labour unions are demanding improved wages, arguing that the cost of living has hit new levels.

But Tinubu’s government has repeatedly called for patience and assured Nigerians that its reforms will yield dividends soonest.

There are a number of funding which will reduce the cost of interest rates for certain sectors, small and medium scale in particular, but also larger companies.

Economic Council

At the inauguration of the Presidential Economic Coordination Council (PECC), President Tinubu tasked with strategising a way out of the current economic situation in the country.

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

Briefing State House Correspondents after the Inauguration of the Council, Mr Edun said the Council is to meet and report to the President monthly.

According to Edun, President Tinubu presented the PECC with the outcomes of his accelerated, stability, stabilization and advancement plan which is an emergency plan to cover the next six months. 

In addition, the Council is to galvanise the current administration’s target of getting crude oil production up to two million barrels per day.

Mr Edun also said the plan involves an N2trillion package aimed at stabilising the economy and it 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

He further explained that the Federal Government is focusing attention on boosting agricultural production in the country to ensure food security.

Also speaking, billionaire business tycoon and Africa’s richest man Dangote assured Nigerians that the PECC would come up with measures that will help the economy bounce back in the shortest possible time.

Also, Elumelu commended the President for constituting the Council as he pledged the commitment of the private sector.

Other members of the 31-member Council include Senate President Godswill Akpabio; the Speaker of the House of Representatives, Tajudeen Abbas; Chairman of the Nigeria Governors Forum, AbdulRahman AbdulRazaq; 12 ministers, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

Other members from the Organised Private Sector (OPS) include Abdul Samad Rabiu; Ms. Amina Maina, Mr Segun Ajayi-Kadir; Dr Funke Opeke; Dr. Doyin Salami; Mr. Patrick Okigbo; Mr. Kola Adesina; Mr. Segun Agbaje; Mr. Chidi Ajaere; Mr. Abdulkadir Aliu; and Mr. Rasheed Sarumi. (Channels)

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