President Bola Tinubu has announced a N2 trillion economic stabilisation plan.
The plan, which aims to revitalise the economy over the next six months, was unveiled during the inauguration of the presidential economic coordination council (PECC) on Thursday.
The recently established PECC is chaired by the president and includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.
Prominent private sector leaders, including Aliko Dangote, Tony Elumelu, and Bismarck Rewane will serve on the council for one year.
Tinubu expressed gratitude to private sector leaders for their participation, noting that it was a national call to service “and the hope of the entire nation hangs on you people.”
The president recalled that he had declared a state of emergency on food security in view of prevailing economic challenges and outlined plans to increase oil production, improve power generation, and leverage infrastructure development to boost agriculture and electricity supply.
“We have a challenge thrown at us and all of us will have to be careful. I believe today is America’s 158th of their independence while we are celebrating our 25 years of progress of democracy.
“We have to look back at how we have navigated ourselves and look forward [to] better economic navigation,” he stated.
He expressed the readiness of his administration to listen to the private sector for their recommendations on stabilising the economy.
The president further highlighted the government’s plans for a manufacturing stabilisation fund and support for micro, small, and medium enterprises (MSMEs), saying “the manufacturing stabilisation fund, MSMEs too and other fiscal measures have been narrated, I just want to say thank you for responding to this call.”
