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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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I didn’t come to make money, I’m here to work, says Tinubu
President Bola Tinubu has reaffirmed his administration’s commitment to advancing Nigeria’s development across critical sectors, including infrastructure, food and energy security, education, and economic stability.
Speaking during a meeting with the Forum of Former Presiding Officers of the National Assembly, led by former Senate President Ken Nnamani, Tinubu stressed that his focus is on serving the country, not for personal gain but to ensure a brighter future for Nigeria.
“I didn’t come to look for money and exploit the situation; I came to work. I asked for the votes, and Nigerians gave them to me,” Tinubu stated, according to a press release by his media aide, Bayo Onanuga.
The meeting, which had 16 former presiding officers in attendance including former Senate Presidents, former House of Representatives Speakers, and their deputies provided an opportunity for Tinubu to acknowledge their support, regardless of party affiliations. He urged them to continue promoting unity and collaboration to further national development.
Reflecting on the complexities of legislative and nation-building activities, the President expressed confidence in Nigeria’s potential for progress through cooperation and inclusiveness.
”Regardless of party differences of the past and difficulty of the present, you still believe in me and what we all plan for this country.
”I thank you very much; no one will do it better than us. I have travelled the world and seen how developed countries have done it for themselves through collaboration, inclusiveness and financial structure.
”Yes, there is hardship, but how did we get here? What did we do when we had very high crude production?”
“We neglected our communities; we neglected the goose that lays the golden eggs; we forgot even to give them a good standard of living.
”We forgot to educate our children. Go round and look at the dilapidated schools. The education environment must be decent enough for pupils to want to learn.
”We can complain from now till eternity that the school enrolment is low. But did we do anything to encourage the enrolment process? We must ask ourselves because it is a matter of conscience,” he said.
The President outlined his administration’s focus on addressing these challenges, including improving infrastructure, ensuring compliance with financial regulations, exploring alternative energy sources and providing energy security.
”We have come a long way, and I promise we must do our best,” he said.
He urged the former presiding officers to continue sharing their wealth of experience in nation-building and governance, noting that they were uniquely positioned to provide “clear interpretations of where we are” to Nigerians.
Senator Nnamani, who spoke on behalf of the delegation, expressed full support for President Tinubu’s administration and its efforts to address Nigeria’s pressing challenges.
He noted that the meeting was the president’s first official engagement with the group since his assumption of office. Nnamani congratulated the President.
”Mr President, history has never been the burden of one man alone, but some are called to meet a special share of its challenges.
”Though not of your creation, it has fallen onto you to end the pervasive insecurity across the nation, the economic downturn that has resulted in hunger and anger, infrastructural decay due to years of neglect and myriads of other national challenges.
”As difficult as these problems are, we believe that with your experience, you can face the difficulties and surmount them.
”What gives us more hope is the courage with which you handled the issue of Local government autonomy, which has won you open admiration from friends and foes alike.
”We are convinced that you will dig in deeper again to eradicate these problems and restore Nigerians pride of place among the comity of nations,” the former senate president said.
He added that the group has seen what elite complacency has caused nations and has resolved to unite across all divides to render whatever assistance it may be called upon to contribute to nation-building and ensuring enduring prosperity for our citizens.
”It is in this light and in the national interest that we wish to pledge our support as you work to restore national security, build an economy that works for all and strengthen the bond of unity amongst our disparate peoples, ” he said.
Nnamani also commended the President for his trust in appointing some of their members to critical national positions, recognising their vital role in nation-building.
Headline
FG reaches agreement on N70,000 minimum wage increase
A major breakthrough has been reached as the Committee on Consequential Adjustments in Salaries has agreed to raise Nigeria’s minimum wage from ₦30,000 to ₦70,000, starting from July 29, 2024.
This decision was formalized in a Memorandum of Understanding during a committee meeting in Abuja.
The 16-member committee is responsible for overseeing the smooth implementation of the new wage structure, as outlined in the National Minimum Wage Act 2024.
The wage increase is a significant step toward improving the living conditions of workers across the country, as the government seeks to address economic challenges and rising inflation.
More details to follow…
Headline
FG plans low-key celebrations for Nigeria’s 64th Independence Anniversary
The Federal Government has announced that this year’s celebrations for Nigeria’s 64th Independence anniversary on October 1 will be marked by a series of low-key activities.
The decision reflects the nation’s current mood and aims to honor the sacrifices of the country’s founding fathers.
Senator George Akume, the Secretary to the Government of the Federation (SGF), made the announcement on Thursday during the inauguration of an inter-ministerial committee responsible for planning and organizing the event.
The subdued celebration will focus on simplicity, in line with the nation’s ongoing challenges.
READ ALSO: FG spent over $1.5bn to protect oil infrastructure – SGF Akume
In a statement by Segun Imohiosen, Director of Information at the Office of the SGF, it was revealed that Senator Akume was represented by Hadiza Bala Usman, Special Adviser to the President on Policy and Coordination, during the committee’s inauguration.
She stated, “The 64th Independence Anniversary celebration will be low-keyed to reflect the trying times the nation is undergoing.”
“SGF stated that the event will afford the government the opportunity to showcase to Nigerians its scorecard recorded within the short period in office to reposition Nigeria through its reform initiatives to deliver the dividends of democracy.
“The 64th Independence Anniversary celebration will commence with the World Press Conference on Thursday, 26th September 2024 with the following line-up of activities to mark the national event: Juma’at Service on Friday, 27th September, 2024; Church Service on Sunday, 29th September 2024; on Monday, 30th September 2024; while the Presidential Broadcast, and 64th Independence Day Parade will hold on Tuesday, 1st October 2024.
“The Inter-Ministerial Committee comprises Hon. Minister Budget and Economic Planning; Hon. Minister of Information and National Orientation; Hon. Minister of Interior; Hon. Minister Foreign Affairs; Hon. Minister of the FCT; Special Adviser to the President, Policy and Coordination; Senior Special Assistant to the President, Social Events and Inspector-General of Police .
Other Members are National Security Adviser, Director-General, Department of State Services; Commander, Guards Brigade; Permanent Secretary, General Services Office (Office of the Secretary to the Government of the Federation); Permanent Secretary, Ministry of Health and Permanent Secretary, Political and Economic Affairs Office (Office of the Secretary to the Government of the Federation).
“The Terms of Reference for the Inter-Ministerial Committee is to plan, organize, and execute all approved activities befitting the Independence Day Celebration on October 1st, 2024; Co-opt any organization(s)/ person(s) relevant towards the successful execution of the programme; Document for posterity, all planned activities for the Anniversary; and Carry out any other assignment as may be required towards the successful implementation of the Celebration”, he stated.
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