PRESIDENT TINUBU ANNOUNCES A TWO TRILLION NAIRA PLAN TO STABILISE THE ECONOMY WITHIN THE NEXT SIX MONTHS 04-07-24
By Sadiq Aminu President Bola Tinubu has announced a two trillion Naira plan to stabilise the economy within the next six months.
The plan was unveiled during the inauguration of the Presidential Economic Coordination Council, PECC, at the State House, Abuja.
At the event, President Tinubu sought the support and co-operation of the private sector to the government’s efforts at making life better for Nigerians.
He specifically asked the organised private sector to make inputs in power supply, food security, and oil production.
“In the face of it, we have the change of energy security, we need to work together to include power, oil and gas to increase our own grids electricity. We are determined to do that with your co-operation, collaboration, and recommendation.
As a nation it is so shameful that we have about 4.5 gigawatt, we must increase our oil production too to 2 million barrels per day within the next few months, remove all barriers hindering investments into the sector to enhance competitiveness”, the President stressed.
On souring prices of foodstuff, the President made reference to his declaration of state of emergency on food security, saying that agriculture mechanisation will be improved to attain success.
“We are going to improve on mechanisation. We have identified part of the infrastructural development to be within the reach. If you look at sokoto – Badagry road, there are about 36 areas dams that we can tap electricity from and generate additional electricity, and help agriculture and create arable farmland”, the President said.
Briefing State House correspondents afterwards, the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, said a larger chunk of the 2 trillion Naira package would be spent on food security, social welfare, energy, and health.
“The 2 trillion Naira package involves 350 billion Naira funding for Health and Social Welfare, 500 billion Naira funding for Agriculture and Food Security, 500 Naira billion for the Energy and Power Sector and general business support of about N650 billion”, he explained.
He said the Council would meet and report to the President monthly, saying that the Executive Orders President Tinubu had signed are being gazetted to ease the cost of doing business at this particular time.
The Presidential Economic Co-ordination Council, PECC, which was established in March, this year, with the Vice President, leadership of the National Assembly, members of the Presidential Economic Management Team and Chairman of the Nigerian Governors’ Forum as members, is being chaired by President Tinubu himself.
Notable members of PECC from the private sector are Aliko Dangote, Tony Elumelu, and Bismarck Reliwanu, who will serve on the council for a one-year term.