PRESIDENT Bola Tinubu on Thursday, July 4, 2024, inaugurated the Presidential Economic Coordination Council (PECC) tasked with strategising a way out of the current economic situation in the country.
According to media reports, the Council has a mix of Government officials, top private sector players, and consultants, including the President of Dangote Industries Limited, Mr Aliko Dangote; Chairman of the United Bank of Africa, Mr Tony Elumelu; and Chief Executive Officer of the Financial Derivatives Company Limited, Bismarck Rewane.
Briefing State House Correspondents after the inauguration of the Council, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the Council is to meet and report to the President monthly.
According to Edun, President Tinubu presented the PECC with the outcomes of his accelerated, stability, stabilization, and advancement plan, which is an emergency plan to cover the next six months.
In addition, the Council is to galvanise the current administration’s target of getting crude oil production up to two million barrels per day.
Mr Edun also said the plan involves an N2trn package aimed at stabilising the economy and it includes 350 billion Naira for Health and Social Welfare, 500 billion Naira for Agriculture and Food Security, 500 billion Naira for the Energy and Power sector, and 650 billion Naira for general business support.
He further explained that the Federal Government is focusing on boosting the country's agricultural production to ensure food security.
Also speaking, billionaire business tycoon and Africa’s richest man Dangote assured Nigerians that the PECC would come up with measures that will help the economy bounce back in the shortest possible time while Elumelu commended the President for constituting the Council as he pledged the commitment of the private sector.