President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) tasked with strategising a way out of the current economic situation in the country.

The Council has a mix of government officials, top private sector players, and consultants including President of the 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, 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

650 billion Naira for general business support

He further explained that the Federal Government is focusing attention on boosting agricultural production in the country 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.

Also, Elumelu commended the President for constituting the Council as he pledged the commitment of the private sector.

Other members of the 31-member Council include Senate President Godswill Akpabio; the Speaker of the House of Representatives, Tajudeen Abbas; Chairman of the Nigeria Governors Forum, AbdulRahman AbdulRazaq; 12 ministers, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

Members from the Organised Private sector include Dangote; Elumelu; 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. Abdu

Last updated on July 7th, 2024 at 07:59 am