By Our Reporter
On Thursday, President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC), composed of members from various sectors of society and the economy.
Following the inauguration, President Tinubu presented the results of his review of the accelerated stabilization and advancement plan, which aims to inject N2 trillion into the economy over the next six months.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, along with selected council members, briefed journalists on the emergency funding plan. The funds will be allocated to Health, Agriculture, Energy/Power, and other sectors.
“The president has just inaugurated the Presidential Economic Coordination Council. This body includes the President’s Economic Management Team, leaders of the National Assembly, the chairman of the Nigerian Governors Forum, and key private sector figures. They reviewed Mr. President’s accelerated stabilization and advancement plan, which involves a N2 trillion package with N350 billion 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.
In addition to policy and tax measures, there are executive orders to ease the cost of doing business,” Edun explained.
President Tinubu, who chairs the Council, announced its formation in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, on March 27, 2024.
The PECC members include Vice President Kashim Shettima (Vice-Chairman), the President of the Nigerian Senate, the Chairman of the Nigeria Governors’ Forum, the Coordinating Minister for the Economy and Minister of Finance, the Governor of the Central Bank of Nigeria, and various Ministers from Agriculture, Food Security, Aviation, Aerospace Development, Budget, Economic Planning, Communications, Innovation, Digital Economy, Industry, Trade, Investment, Labour, Employment, Marine, Blue Economy, Power, State Petroleum Resources, State Gas, Transportation, and Works.
Thirteen key private sector members will also join the PECC for up to one year, subject to the President’s directive. These members include Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.