Tinubu launches N2tri economic revival plan, thanks Dangote, Elumelu, others

In a bold move to rejuvenate the economy, President Bola Tinubu has introduced an ambitious N2 trillion stabilization and advancement plan.

This initiative aims for rapid economic recovery in the short term.

The plan was unveiled during the inauguration of the Presidential Economic Coordination Council (PECC) at the State House on Thursday.

The PECC is a diverse group comprising representatives from various sectors of society and the economy.

Formed on March 27, the PECC is personally chaired by President Tinubu and includes members from federal and sub-national governments, the National Assembly, and the private sector.

During the inauguration, President Tinubu highlighted his earlier declaration of a state of emergency on food security.

He also outlined plans to boost oil production, enhance power generation, and develop infrastructure to support agriculture and electricity supply.

“We face significant challenges, and we must navigate them carefully,” Tinubu stated. He emphasized the importance of the private sector in driving economic reforms and stabilization, advocating for a partnership approach to managing the economy.

Addressing energy sector challenges, the President called for collaboration to increase Nigeria’s electricity grid capacity.

“We need to work together to improve our power, oil, and gas sectors,” he said, committing to raising oil production to two million barrels per day and removing investment barriers.

Tinubu acknowledged Nigeria’s low electricity generation capacity of about 4.5 gigawatts, pledging to improve this along with oil production.

“It’s shameful that we generate only 4.5 gigawatts. We must enhance our oil production and remove barriers to sector investments,” he remarked.

The President assured the Council members of his willingness to listen and act on their recommendations, particularly concerning market challenges and food prices.

He also announced plans for a manufacturing stabilization fund and support for Micro, Small, and Medium Enterprises (MSMEs).

Expressing gratitude to private sector leaders like Aliko Dangote and Tony Elumelu, Tinubu stated, “The nation is calling on you. Our hope depends on your support.”

Following the inauguration, Finance Minister Wale Edun provided details of the emergency funding allocation, which includes N350 billion for Health and Social Welfare, N500 billion for Agriculture and Food Security, N500 billion for Energy and Power, and N650 billion for general business support.

Edun emphasized the administration’s focus on food security and reducing the losses in the crude oil sector. He highlighted President Tinubu’s commitment to affordable and abundant food, increased crude oil production, and policy measures to ease business costs.

Tony Elumelu, Chairman of Heirs Holdings, supported the President’s target of two million barrels of crude oil production per day and emphasized the need to improve power generation. “This is about creating prosperity and jobs,” Elumelu said.

Aliko Dangote pledged the private sector’s support in job creation, highlighting the importance of policy implementation. “With the right policies, our economy can be turned around within a few months,” Dangote assured.

The PECC, a 310-member committee, includes Vice President Kashim Shettima as Vice-Chairman, the President of the Nigerian Senate, the Chairman of the Nigeria Governors’ Forum, and several ministers. Key private sector members include Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, and others, serving for up to one year as directed by the President.

This comprehensive plan and collaborative effort aim to stabilize Nigeria’s economy and set it on a path of sustainable growth and development.

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