Tinubu Announces N2 Trillion Economic Stimulus, Inaugurates Presidential Economic Coordination Council

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President Bola Tinubu announced on Thursday that his administration plans to inject N2 trillion into the Nigerian economy over the next six months. This announcement came during the inauguration of the Presidential Economic Coordination Council (PECC), a body comprising representatives from various sectors of society and the economy.


At the inauguration, President Tinubu presented the findings of his review of the accelerated stabilization and advancement plan, aimed at bolstering the nation's economic stability. Following the event, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, outlined the key sectors earmarked for the emergency funding, including Health, Agriculture, Energy/Power, and general business support.


Edun explained, “The President has inaugurated the Presidential Economic Coordination Council, which includes members of the President’s Economic Management Team, leaders of the National Assembly, the chairman of the Nigerian Governors Forum, and prominent figures from the private sector. They reviewed Mr. President’s accelerated stabilization and advancement plan, which aims to address urgent economic needs over the next six months.”


The N2 trillion package is detailed as follows: N350 billion allocated for Health and Social Welfare, N500 billion for Agriculture and Food Security, N500 billion for the Energy and Power sector, and N650 billion for general business support. This funding is accompanied by various policy measures and executive orders designed to ease the cost of doing business in Nigeria.


Tony Elumelu, Chairman of Heirs Holdings and founder of the Elumelu Foundation, emphasized the need for affordable food and expressed gratitude for his appointment to the Council. He highlighted the importance of improving daily oil production and the positive impact of private sector involvement in the government's economic plans.


Aliko Dangote, President of the Dangote Group, also expressed optimism about the Council's potential to advise the government on effective policies and stimulate private sector investment. He stressed that with substantial investment and strategic policies, the economy could see significant improvements within months, leading to job creation and overall economic growth.


In summary, President Tinubu’s economic strategy involves a significant financial injection aimed at key sectors to stabilize and advance the Nigerian economy, with a collaborative approach involving both government and private sector leaders.

Comments

  1. AnonymousJuly 4, 2024 at 1:45 PM

    This one that will end up in the hands of few politicians and their cronies

    ReplyDelete

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