Adedapo Adesanya
President Bola Tinubu has inaugurated the Presidential Economic Coordination Council (PECC), which includes some top industry titans like the President of the Dangote Industries Limited, Mr Aliko Dangote; and the Chairman of the United Bank of Africa, Mr Tony Elumelu, tasking them to strategise a way out of the current economic situation in the country.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Thursday, said the council has a mix of government officials, top private-sector players, and consultants to assist in ways that could bring the economy forward.
He noted the team would be required to meet and report to President Tinubu monthly.
According to Mr Edun, President Tinubu presented the PECC with the outcomes of his accelerated, stability, stabilization and advancement plan which is an emergency plan to cover the next six months.
In addition, the council is to galvanise the current administration’s target of getting crude oil production up to two million barrels per day. The country has not been able to meet the 1.78 million barrels target needed to fund the 2024 budget due to challenges including oil theft and underinvestment.
Mr Edun disclosed that the plan also contains a N2 trillion package intended to stabilise the economy, adding that it comprises N350 billion for social welfare and health care and N500 billion to ensure food security and agriculture.
There is also N500 billion for the electrical and power industry while another N650 billion was earmarked to provide general business assistance.
The Minister clarified that the federal government is concentrating its efforts on increasing agricultural output throughout the nation to guarantee the protection of the nation’s food supply.
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