HomeEconomy#Tinubu Unveils N2 Trillion Economic Stabilisation Plan, Inaugurates Council

#Tinubu Unveils N2 Trillion Economic Stabilisation Plan, Inaugurates Council

President Bola Tinubu has announced a N2 trillion economic stabilization plan in a move to revive Nigeria’s struggling economy.

Tinubu unveiled the plan, which aims to revitalise the economy over the next six months, during the inauguration of the Presidential Economic Coordination Council (PECC) on Thursday.

The PECC, established in March, is chaired by President Tinubu and includes key government figures such as the Vice-President, President of the Senate, and Chairman of the Governors’ Forum Chairman.

Prominent private sector leaders, including Aliko Dangote and Tony Elumelu, Bismarck Rewane will serve on the council for a one-year term.

Tinubu’s administration has faced criticism for its economic reforms, including the removal of fuel subsidies and foreign exchange controls. However, the government remains optimistic that the short-term pain will yield long-term benefits and attract foreign investment.

Speaking at the inauguration of the PECC, President Tinubu expressed his gratitude to private sector leaders like Aliko Dangote, Tony Elumelu, and others for their participation, stating, “It is Nigeria that is calling, not a Bola Tinubu. And the hope of the entire nation hangs on you people.”

Tinubu emphasised his belief in the power of the organised private sector to drive the country’s economic reforms and stabilization, saying, “The partnership to drive the economy of this country, for reforms and stabilization that is necessary, give the incentive where we must and leave the market to control the pricing mechanism and the consumption.”

Addressing the immediate economic challenges, the President recalled that he declared a state of emergency on food security 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 better economic navigation,” Tinubu said.

The President stated, “I can give instructions as the president from my office but I believe so much, deeply in the organised private sector. The partnership to drive the economy of this country, for reforms and stabilization that is necessary, give the incentive where we must and leave the market to control the pricing mechanism and the consumption.”

On the challenges in the energy sector, Tinubu called for collaboration to increase Nigeria’s grid electricity, saying, “In the face of it, we have the challenge of energy security, we need to work together to include power, oil and gas to increase our own grids electricity. We are determined to do that with your cooperation, collaboration and recommendation.”

The President acknowledged the nation’s shameful electricity generation capacity of about 4.5 gigawatts and pledged to increase oil production to two million barrels per day within the next few months, while removing barriers to investments in the sector.

“As a nation it is so shameful that we have about 4.5 gigawatts , we must increase our oil production too to 2 million barrels per day within the next few months, remove all barriers hindering investments into the sector to enhance competitiveness. We’ve had a challenge thrown at us and all of us will have to be careful,” Tinubu said.

He assured members of the council that, “I am ready to listen to you in all of that. You have seen us from close quarters but we are one. We feel the market pinches differently the price of food stuff and all of that. I believe Bismarck Rewane will be able to make additional suggestion on what we are lacking and what we should do to stabilize this economy.”

The President acknowledged the challenges faced by the market, particularly in terms of food prices, and expressed his willingness to listen to the private sector leaders for their recommendations on stabilizing the economy.

Tinubu also highlighted the government’s plans for a manufacturing stabilization fund and support for Micro, Small, and Medium Enterprises (MSMEs), stating, “The manufacturing stabilization fund, MSMEs too and other fiscal measures have been narrated, I just want to say thank you for responding to this call.”

Briefing State House Correspondents, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the N2 trillion package will prioritize food security, social welfare, energy, and health.

He explained that the PECC is a made up of the President’s Economic Management team, the legislature represented by the leadership of the National Assembly, the Sub-nationals represented by the Chairman Nigeria’s Governors’ Forum as well as top economists and the elites of the Nigerian Private Sector.

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