President Bola Tinubu announced plans to inject a substantial N2 trillion into the economy over the next six months. Tinubu made this declaration while inaugurating the Presidential Economic Coordination Council (PECC), comprising representatives from various sectors of society and the economy.
During the inauguration, Tinubu disclosed the outcomes of his assessment of the accelerated stabilization and advancement plan. Providing further details, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, outlined the targeted areas for emergency funding, including Health, Agriculture, Energy/Power, and other critical sectors.
The PECC, a diverse body consisting of the President’s Economic Management Team, legislative representatives, governors, and private sector leaders, deliberated on the emergency plan devised for the upcoming six-month period. This comprehensive initiative encompasses a N2 trillion economic package, with allocations of N350 billion for Health and Social Welfare, N500 billion for Agriculture and Food Security, N500 billion for Energy and Power, and N650 billion for general business support.
Furthermore, supplementary policy measures, tax reforms, and executive orders have been put in place to streamline business operations and reduce costs. The private sector, represented by prominent figures like Tony Elumelu and Aliko Dangote, is poised to play a pivotal role in advancing economic growth and generating employment opportunities.
President Tinubu’s visionary approach underscores a concerted effort to revitalize the economy swiftly. By fostering collaboration between government entities, private enterprises, and key stakeholders, the PECC aims to implement strategic policies that will drive sustainable development and usher in a new era of prosperity for the nation.
