President Bola Tinubu has launched the Presidential Economic Coordination Council (PECC) to address Nigeria’s current economic challenges. The council includes key government officials, top private sector figures like Aliko Dangote of Dangote Industries, Tony Elumelu of United Bank of Africa, and Bismarck Rewane of Financial Derivatives Company.
After the inauguration, Finance Minister Wale Edun announced that the PECC will meet monthly and report directly to the President. President Tinubu presented his emergency plan, focused on rapid stabilization and advancement over the next six months.
Key objectives of the PECC include increasing crude oil production to two million barrels per day and implementing a N2 trillion stabilization package. This package allocates:
- N350 billion for Health and Social Welfare
- N500 billion for Agriculture and Food Security
- N500 billion for Energy and Power
- N650 billion for general business support
The plan emphasizes boosting agricultural production to ensure food security.
Aliko Dangote expressed confidence that the PECC will quickly implement measures to rejuvenate the economy. Tony Elumelu praised the formation of the council and affirmed the private sector’s commitment to supporting the government’s economic initiatives.
