President Tinubu Announces Comprehensive Economic Rejuvenation Plan

-

  



On Thursday, President Tinubu unveiled a series of comprehensive measures aimed at stabilizing the economy, boosting job creation, and enhancing economic security. These initiatives, part of the Economic Stabilization Programme, will work in tandem with the National Construction and Household Support Programme recently presented to the National Economic Council.

During the inauguration of the Presidential Economic Coordination Council (PECC), the President outlined the following key measures:


 1. Energy Security

The Energy Security Initiative focuses on improving the power, oil, and gas sectors with specific targets to:

- Increase on-grid electricity supply from approximately 4.5 gigawatts to 6 gigawatts within six months.

- Boost oil production to 2 million barrels per day over the next 12 months.

- Eliminate barriers to investment in the sector to enhance competitiveness.


 2. Agriculture and Food Security

To strengthen agriculture and food security, the plan aims to:

- Raise staple crop production by small-holder farmers from 127 million metric tons in 2023 to 135 million metric tons this year.

- Enhance production through partnerships with larger-scale commercial farmers.

- Support qualified farmers with satellite imagery for land use planning, crop rotation, and monitoring agricultural expansion.

 3. Health and Social Welfare

The health and social welfare initiatives will:

- Provide essential medicines at lower costs to 80-90 million Nigerians.

- Expand healthcare insurance to 1 million vulnerable people through a Vulnerable Group Fund in collaboration with state governments.

- Redeploy 20,000 healthcare workers to serve 10-12 million patients in high-need areas.

- Use renewable energy to power 4,800 primary healthcare centers, second-tier, and third-tier hospitals.


4. Fiscal Measures

Key fiscal interventions to improve access to finance and support various sectors include:


- Youth-owned Enterprises: Supporting new and existing youth-owned businesses across all 36 states, aiming to create 7,400 MSMEs within the next 6-12 months.

- MSME Support: A N650 billion facility providing lower-cost short-term financing for youth-owned businesses, manufacturers, and MSMEs in industries like food processing, pharmaceuticals, agriculture, and retail. This support is based on their receivables, company rating, and market demand.

- Manufacturing Stabilization Fund: Aiming to rejuvenate up to 250 companies, this fund will offer long-term financing (9.0%-11.0%) to large, medium-scale, and light manufacturers producing for domestic and export markets.

- Sub-national Matching Fund: The Grow Nigeria Development Fund will offer single-digit interest rate loans in partnership with sub-national governments to grow MSMEs.

- Expanding Rural Development Programme: This initiative will support rural economies, developing 300 new MSMEs in each state, including the Federal Capital Territory, resulting in 11,100 new rural-based MSMEs nationwide.

- **Mortgage Finance Acceleration Facility:** This facility will deliver affordable housing, supporting the construction of 25,000 additional housing units.


These fiscal measures are projected to create 4.7 million direct and indirect jobs within six to twelve months.


The PECC includes members from both the government and private sectors. Prominent figures from the organized private sector at the launch included Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdul Samad Rabiu, Ms. Amina Maina, Wale Tinubu, 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.

Comments

Post a Comment

Popular posts from this blog

Title: Nepotism on the Bench: The Impact of Political Favoritism in Nigeria's Judiciary

-
Image
  In Nigeria, the judiciary stands as a pillar of democracy, tasked with upholding the rule of law and ensuring justice for all. However, recent events have cast a shadow over the integrity of the judiciary, as political favoritism and nepotism have infiltrated the process of judicial appointments. One glaring example of this troubling trend emerged with the recent list of appointments to the appeal court, where the wife of Nyesom Wike, the Minister of Federal Capital Territory, secured a position. This appointment raised eyebrows and sparked widespread debate about the fairness and transparency of the selection process. Nepotism, the practice of favoring relatives or friends in appointments, promotions, or business dealings, has long plagued Nigerian society. In the context of the judiciary, nepotism undermines the principles of meritocracy and impartiality, eroding public trust in the legal system. The appointment of family members of high-ranking politicians to judicial positions no
Read more

From Rent to Own: Why Saving Early is Key to Buying a House in Nigeria

-
Image
   In Nigeria, the dream of owning a home can seem out of reach for many, especially those with low incomes. However, with strategic planning and a commitment to saving early, this dream can become a reality. This article explores the importance of early savings, the challenges faced by low-income earners, and how government policies can assist in the journey from renting to owning a home. The Nigerian Housing Market: An Overview Nigeria’s housing market presents unique challenges, particularly for low-income earners. The high cost of housing, coupled with inflation and economic instability, makes it difficult for many to save enough for a down payment. Yet, owning a home remains a significant goal for most Nigerians, offering stability and a sense of achievement. Why Save Early? 1. Compounding Interest: The earlier you start saving, the more time your money has to grow through compound interest. Even small, regular contributions can accumulate significantly over time, easing the finan
Read more

UK Opens Recruitment for Nigerians and Commonwealth Citizens to Join British Army

-
Image
The British Army has officially commenced its recruitment drive, targeting Nigerians and other Commonwealth citizens to join its ranks. This initiative, which highlights the crucial contributions of Commonwealth soldiers, is now open for applications in various roles, including musicians, engineers, technicians, tradesmen, and paratroopers. The recruitment window runs from August 19 to August 26, 2024, providing a limited timeframe for interested candidates to apply. Notably, applications are required to be connected to the Recruit Bounty Referral Scheme—a program that incentivizes existing British Army members to refer new recruits—except for those applying for the musician positions. Candidates must undergo a series of physical fitness assessments, such as the multistage fitness test (beep test), seated ball throw, and mid-thigh pull. The British Army also emphasizes the importance of quitting smoking and maintaining a balanced diet to meet the rigorous fitness standards.
Read more