Tinubu inaugurates presidential economic coordination council
Kunle Sanni
President Bola Tinubu has inaugurated the Presidential Economic Coordination Council (PECC), assembling a diverse group of members from various sectors of society and the economy.
The council which was formed on Thursday, includes key figures such as Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of the United Bank of Africa; and Bismarck Rewane, CEO of the Financial Derivatives Company Limited.
Following the inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, briefed State House correspondents, stating that the council would convene monthly to report directly to President Tinubu.
The president presented the council with the outcomes of his accelerated stabilization and advancement plan, an emergency initiative set to unfold over the next six months.
Key objectives of the PECC include raising crude oil production to two million barrels per day and injecting a total of N2 trillion into the economy. This substantial economic injection will be allocated as follows:
- N350 billion for Health and Social Welfare
- N500 billion for Agriculture and Food Security
- N500 billion for the Energy and Power sector
- N650 billion for general business support
Edun emphasized the government’s focus on boosting agricultural production to ensure food security.
He explained the council’s composition, highlighting its integration of the president’s Economic Management Team, legislative leaders, representatives from the National Assembly, sub-national leaders, and prominent private sector figures.
During the event, Aliko Dangote expressed confidence that the PECC would devise effective measures to rejuvenate the economy swiftly, reassuring Nigerians of the council’s commitment to economic recovery and stability.
