In apparent move to further stabilise the nation’s economy, President Bola Tinubu Thursday inaugurated his Presidential Economic Coordination Council (PECC), drawn from different sectors of society and the economy.
President Tinubu on the occasion presented the outcomes of his review of the accelerated stabilization and advancement plan, which seeks to inject a total of N2 trillion into the economy in the next six months.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who briefed newsmen alongside some committee members namely Minister of Budget and National Planning, Senator Atiku Bagudu; business mogul, Alhaji Aliko Dangote and Chairman of Heir Holdings Limited, Mr Tony Elumelu, after their inauguration at the State House, Abuja, gave a breakdown of the areas to benefit from the emergency funding to include Health, Agriculture, Energy/Power and other areas.
His words: “The President has just inaugurated the Presidential economic Coordination Council and that is a body that is made up of the President’s Economic Management Team, the Legislature, represented by the leaders of the National Assembly; the Senate President and the Speaker of the House of Representatives, as well as very importantly, the sub-nationals, represented by the chairman of the Nigerian Governors Forum, and, of course, the elite of the private sector.
“They were presented with the outcomes of Mr. President’s review of the accelerated stabilization and advancement plan and that was an emergency plan to cover the next six months, which Mr. President had directed that a combination of his own Economic Management Team and the sub nationals, the governor’s level, and the private sector put together for his consideration.
“The song of that very important exercise is that a N2 trillion package involving N350 billion funding for Health and Social Welfare; N500 billion funding for Agriculture and Food Security; N500 billion for the Energy and Power sector and general business support of about N650 billion.
“In addition to a range of policy measures and tax measures, there is a range of executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business at this particular time”.
President Tinubu had on March 27, 2024, announced the constitution of the Council, which he personally chairs, in a statement issued by his Media Adviser, Ajuri Ngelale.
Details Later…
Deji Elumoye
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