In a decisive move to tackle Nigeria’s economic challenges, President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC).
This council, a strategic blend of government officials, private sector leaders, and consultants, is tasked with devising solutions to stabilize and grow the nation’s economy.
The PECC features prominent figures such as Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of the United Bank for Africa; and Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company Limited.
Following the council’s inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, briefed State House correspondents on its mandate and objectives.
According to Edun, President Tinubu has charged the PECC with implementing an emergency economic plan over the next six months, focusing on stabilization and advancement.
The council is set to meet monthly and report directly to the President, ensuring close monitoring and rapid response to economic issues.
Key components of the emergency plan include a target to increase crude oil production to two million barrels per day and a significant financial package amounting to N2 trillion aimed at various sectors.
The breakdown of this package is as follows:
– 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
– 650 billion Naira for General Business Support
Edun emphasized that the Federal Government is prioritizing agricultural production to secure food supply and enhance food security in the country.
Billionaire business tycoon Aliko Dangote expressed confidence that the PECC would formulate effective measures to revive the economy swiftly. “We will ensure that the economy bounces back in the shortest possible time,” Dangote assured Nigerians.
Tony Elumelu also lauded President Tinubu for establishing the council, highlighting the private sector’s commitment to the initiative.
