The Federal Government, led by President Bola Ahmed Tinubu, has injected N2 trillion into the economy as part of an accelerated stabilization and advancement plan.
Announced yesterday at the inauguration of the Presidential Economic Coordination Council (PECC) at the State House, the plan aims to revive the economy in the short term.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the emergency funding will target health, agriculture, energy/power, and other critical sectors.
Joined by Minister of Budget and Economic Planning Abubakar Bagudu, Dangote Industries President Alhaji Aliko Dangote, and Tony Elumelu Foundation Founder Tony Elumelu, Edun explained the PECC’s composition and objectives.
The 30-member PECC includes the President’s economic management team, National Assembly leaders, Nigeria Governors Forum chairman, and private sector leaders. Edun detailed the N2 trillion package, which includes:
- N350 billion for health and social welfare
- N500 billion for agriculture and food security
- N500 billion for the energy and power sector
- N650 billion for general business support
Edun highlighted measures to ease the cost of doing business, such as executive orders and funding provisions to reduce interest rates for SMEs and larger companies.
A statement from Special Adviser to the President on Media and Publicity, Ajuri Ngelale, outlined the four components of the Economic Stabilization Programme, which include:
- Energy security and deploying 20,000 healthcare workers
- Increasing on-grid electricity from 4.5 to 6 gigawatts in six months
- Lowering the cost of essential medicines for 80-90 million Nigerians
- Supporting the construction of 25,000 additional housing units
The programme aims to create 4.7 million direct and indirect jobs, improve access to finance, and enhance economic growth.
President Tinubu emphasized the importance of collaboration in increasing power supply and energy security, pledging to boost oil production to two million barrels per day and remove investment barriers.
Tony Elumelu expressed confidence in achieving the President’s target of two million barrels of crude oil production per day.
