On Thursday, President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC), a strategic initiative designed to address Nigeria’s current economic challenges.
This council comprises a diverse group of government officials, prominent private sector figures, and expert consultants, highlighting a collaborative approach to economic recovery.
The council features notable members, including Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of the United Bank for Africa; and Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company Limited.
The inclusion of these influential business leaders underscores the administration’s commitment to leveraging private sector expertise in its economic strategy.
During the inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, provided insights into the council’s mandate. Edun emphasized that the PECC will convene monthly to report directly to President Tinubu.
The council’s immediate focus is on the outcomes of the President’s accelerated stabilization and advancement plan, an emergency strategy set to unfold over the next six months.
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One of the critical objectives presented to the PECC is to increase crude oil production to two million barrels per day, a target crucial for bolstering the nation’s revenue.
Additionally, the economic stabilization package introduced by President Tinubu involves a substantial N2 trillion investment aimed at revitalizing key sectors. This package includes:
- 350 billion Naira allocated for Health and Social Welfare
- 500 billion Naira dedicated to Agriculture and Food Security
- 500 billion Naira earmarked for the Energy and Power sector
- 650 billion Naira designated for general business support
Edun highlighted that the Federal Government is prioritizing agricultural production to ensure food security, a vital aspect of the overall economic recovery plan. This focus aims to increase domestic food production, reduce reliance on imports, and stabilize food prices.
Speaking at the inauguration, Aliko Dangote expressed optimism about the council’s potential to implement effective measures for economic recovery. He assured Nigerians that the PECC would work diligently to develop solutions that would stimulate economic growth in the shortest possible time.
Tony Elumelu also praised the President for forming the council, emphasizing the private sector’s dedication to supporting the administration’s economic initiatives.
The 31-member council includes prominent figures such as Senate President Godswill Akpabio; Speaker of the House of Representatives Tajudeen Abbas; Chairman of the Nigeria Governors Forum AbdulRahman AbdulRazaq; 12 ministers; and Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.
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Other private sector representatives include Alhaji Abdul Samad Rabiu, Ms. Amina Maina, Mr. Segun Ajayi-Kadir, Dr. Funke Opeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.
The establishment of the PECC marks a significant step in President Tinubu’s efforts to navigate the nation through its economic difficulties, aiming for a resilient and prosperous future.