In a decisive move to stabilize Nigeria’s economy, President Bola Tinubu has directed the injection of N2 trillion over the next six months.
On Thursday, he inaugurated the Presidential Economic Coordination Council (PECC), comprising members from various sectors of society and the economy.
During the inauguration, President Tinubu presented the outcomes of his review of the accelerated stabilization and advancement plan, which aims to inject N2 trillion into the economy. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, briefed the press alongside committee members including Minister of Budget and National Planning, Senator Atiku Bagudu; business mogul Alhaji Aliko Dangote; and Chairman of Heir Holdings Limited, Mr. Tony Elumelu, at the State House, Abuja. They detailed the emergency funding allocation for key sectors: Health, Agriculture, Energy/Power, and other areas.
Edun stated, “The President has just inaugurated the Presidential Economic Coordination Council, comprising the President’s Economic Management Team, the Legislature (represented by the leaders of the National Assembly), and the sub-nationals (represented by the chairman of the Nigerian Governors Forum), alongside elite members of the private sector.”
He added, “They were presented with the outcomes of Mr. President’s review of the accelerated stabilization and advancement plan. This emergency plan, covering the next six months, was crafted by a collaboration of the President’s Economic Management Team, sub-national governors, and the private sector for his consideration.”
The breakdown of the N2 trillion package 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
“In addition to various policy and tax measures, a series of executive orders have been signed by Mr. President and are being gazetted to ease the cost of doing business during this period,” Edun noted.
President Tinubu first announced the establishment of the Council, which he personally chairs, on March 27, 2024, in a statement issued by his Media Adviser, Ajuri Ngelale.
