To rejuvenate Nigeria’s struggling economy, President Bola Tinubu has introduced an ambitious N2 trillion economic stabilization initiative. This comprehensive plan, designed to reinvigorate the nation’s financial health over the next six months, was revealed during the inauguration of the Presidential Economic Coordination Council (PECC) in Abuja on Thursday.
Formed in March, the PECC is headed by President Tinubu and includes significant government officials such as the Vice-President, President of the Senate, and the Chairman of the Governors’ Forum. Additionally, prominent private sector figures like Aliko Dangote, Tony Elumelu, and Bismarck Rewane will serve on the council for a one-year term, bringing their expertise to the table.
Despite facing criticism for his economic policies, including the removal of fuel subsidies and foreign exchange controls without accompanying support measures, President Tinubu remains optimistic. He believes that the short-term sacrifices will eventually yield long-term benefits and attract foreign investment.
During the council’s inauguration, Tinubu expressed his gratitude to the private sector leaders for their involvement, emphasizing the critical role they play in the nation’s economic reforms.
“It is Nigeria that is calling, not Bola Tinubu. The hope of the entire nation rests on your shoulders,”
he said. Tinubu stressed his confidence in the organized private sector’s ability to drive the necessary reforms and stabilization efforts.
Addressing the immediate economic challenges, Tinubu recalled declaring a state of emergency on food security and outlined plans to increase oil production, enhance power generation, and leverage infrastructure development to boost agriculture and electricity supply. He highlighted the importance of collaborative efforts to improve Nigeria’s grid electricity and increase oil production to two million barrels per day within the next few months.
In his speech, Tinubu acknowledged the nation’s inadequate electricity generation capacity of approximately 4.5 gigawatts and pledged to remove barriers to investment in the energy sector to enhance competitiveness.
“It is shameful that as a nation we generate only about 4.5 gigawatts. We must increase our oil production to two million barrels per day within the next few months and remove all barriers hindering investments in the sector,”
he asserted.
The President assured council members of his willingness to listen to their recommendations, particularly in addressing market challenges and food prices. He expressed confidence that leaders like Bismarck Rewane would provide valuable insights to stabilize the economy.
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Tinubu also outlined plans for a manufacturing stabilization fund and support for Micro, Small, and Medium Enterprises (MSMEs). He emphasized the government’s commitment to prioritizing food security, social welfare, energy, and health, as detailed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The N2 trillion package will include N350 billion for health and social welfare, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and N650 billion for general business support.
Edun explained that the PECC comprises the President’s Economic Management team, the leadership of the National Assembly, the Chairman of the Governors’ Forum, top economists, and key figures from the Nigerian private sector. The council members reviewed the outcomes of the President’s accelerated stability plan, which aims to stabilize the economy and spur business growth over the next six months.
He further elaborated on the various tax measures and funding initiatives introduced to reduce business costs and interest rates for specific sectors, particularly small and medium-sized enterprises. These measures are intended to support the business community and enhance economic stability.
Tony Elumelu, Chairman of Heirs Holdings, emphasized the importance of improving power generation in Nigeria and expressed optimism about achieving the President’s target of two million barrels of crude oil production per day.
“All of this is about creating prosperity for our people and economic hope,”
he said.
Elumelu highlighted the critical role of the private sector in working with the government to create jobs and improve living standards.
Aliko Dangote, President of the Dangote Foundation, pledged the private sector’s support in investing in job creation for Nigerians. He underscored the importance of policy implementation and expressed confidence in the council members’ ability to advise the government effectively.
“The private sector will support the government to invest heavily and create jobs. Our issues are not insurmountable; this economy can be turned around within a few months,”
Dangote stated.
The PECC includes Vice President Kashim Shettima as Vice-Chairman; the President of the Nigerian Senate; the Chairman of the Nigeria Governors’ Forum; the Coordinating Minister for the Economy and Minister of Finance; the Governor of the Central Bank of Nigeria; and various ministers responsible for agriculture, aviation, digital economy, trade, labour, marine economy, power, petroleum resources, gas, transportation, and public works.
Thirteen key members from the organized private sector will also serve on the council, including Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, and Dr. Doyin Salami. Other private sector representatives include Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.
