In a bid to address Nigeria’s pressing economic challenges, President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC) on Thursday.
The council, which comprises government officials, prominent private sector figures, and consultants, is charged with devising strategies to navigate the country’s current economic situation.
The distinguished members of the PECC include Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of United Bank for Africa; and Bismarck Rewane, CEO of Financial Derivatives Company Limited.
Following the inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, briefed State House Correspondents. Edun announced that the PECC will convene monthly and report directly to President Tinubu. During the meeting, President Tinubu presented the council with his accelerated stabilization and advancement plan, an emergency strategy designed to span the next six months.
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Key objectives of the PECC include increasing crude oil production to two million barrels per day and implementing a N2 trillion package to stabilize the economy. The package allocation 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
Edun emphasized the Federal Government’s focus on boosting agricultural production to ensure food security.
Billionaire Aliko Dangote expressed confidence in the council’s ability to develop measures that will swiftly revitalize the economy. Tony Elumelu praised the President for establishing the PECC and reaffirmed the private sector’s commitment to this initiative.
The 31-member council also includes Senate President Godswill Akpabio; Speaker of the House of Representatives Tajudeen Abbas; Chairman of the Nigeria Governors Forum AbdulRahman AbdulRazaq; 12 ministers; and Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso. Other notable private sector members are Abdul Samad Rabiu, Amina Maina, Segun Ajayi-Kadir, Funke Opeke, Doyin Salami, Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu, and Rasheed Sarumi.
