President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC) on Thursday, with the goal of devising strategies to address the current economic challenges in the country.
The Council comprises a mix of government officials, top private sector leaders, and consultants, including the President of 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.
After the inauguration, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, briefed State House Correspondents. He stated that the Council would 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, an emergency plan covering the next six months.
Additionally, the Council is tasked with achieving the administration’s goal of increasing crude oil production to two million barrels per day.
Mr Edun also said the plan involves an N2trn package aimed at stabilising the economy and it includes:
* 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
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.