President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC), tasked with strategizing a way out of the current economic situation in Nigeria.
The Council includes a mix of government officials, top private sector players, and consultants, such as Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of the United Bank of Africa; and Bismarck Rewane, CEO of the Financial Derivatives Company Limited.
Briefing State House Correspondents after the inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the Council will meet and report to the President monthly.
According to Edun, President Tinubu presented the PECC with the outcomes of his accelerated, stability, and advancement plan, which is an emergency plan to cover the next six months. The Council is also to galvanize the administration’s target of increasing crude oil production to two million barrels per day.
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Edun announced that the plan involves a ₦2 trillion package aimed at stabilizing the economy, which includes:
- ₦350 billion for Health and Social Welfare
- ₦500 billion for Agriculture and Food Security
- ₦500 billion for the Energy and Power sector
- ₦650 billion for general business support
He further explained that the Federal Government is focusing on boosting agricultural production to ensure food security.
Billionaire business tycoon and Africa’s richest man, Aliko Dangote, assured Nigerians that the PECC would develop measures to help the economy bounce back in the shortest possible time. Tony Elumelu commended the President for constituting the Council and pledged the private sector’s commitment.
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Other members of the 31-member Council include 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.
Members from the Organised Private sector include Alhaji Abdul Samad Rabiu, Ms. Amina Maina, Mr. Segun Ajayi-Kadir, Dr. Funke Opeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.
