July 04, (THEWILL) – President Bola Tinubu has disclosed plans to inject about N2 trillion into the economy to turn its fortunes around within six months.
The President disclosed this when he inaugurated the Presidential Economic Coordination Council (PECC) on Thursday, in Abuja.
Speaking with State House Correspondents after the inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, flanked by the Chairman of Dangote Group, Aliko Dangote; Chairman of Heirs Holding, Tony Elumelu, and the Minister of Budget and Economic Planning, Atiku Bagudu, said the N2 trillion initiative will go into power and energy, agriculture among others.
“The President has just inaugurated the Presidential Economic Coordination Council and that is a body that is made up of the President’s Economic Management Team, the legislature, represented by the leaders of the National Assembly; the Senate President and the Speaker of the House of Representatives, as well as very importantly, the sub-nationals, represented by the Chairman of the Nigeria Governors’ Forum, and, of course, the elite of the private sector.
“They were presented with the outcomes of Mr. President’s review of the accelerated stabilisation and advancement plan and that was an emergency plan to cover the next six months, which Mr. President had directed that a combination of his own Economic Management Team and the sub nationals, the Governors’ level, and the private sector put together for his consideration.
“The song of that very important exercise is a N2 trillion package, involving N350 billion funding for Health and Social Welfare; N500 billion funding for Agriculture and Food Security; N500 billion for the Energy and Power sector and general business support of about N650 billion.
“In addition to a range of policy measures 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 at this particular time,” he said.
Chairman of Heir Holding and founder of Elumelu Foundation, Tony Elumelu, said it was time to put food on the table at an affordable price. He expressed appreciation to the President for appointing him a member of the Council.
Also, the President of the Dangote Group, Aliko Dangote, said that the Council will sit down and advise the government on the kind of policies to implement for the good of the people.
President Tinubu had on March 27, announced the constitution of the Council, which he personally chairs.
Other members of the PECC are Vice President Kashim Shettima, Vice-Chairman; President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security, Aviation and Aerospace Development and Budget and Economic Planning.
Others include Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.
The PECC also comprises 13 key members of the organised private sector, including Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu and Mr. Rasheed Sarumi.
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