News, Politics

Tinubu Announces ₦2 Trillion Economic Stimulus for Economy Stabilization

Published by Tope Fakinlede on July 5th, 2024.

Tinubu Announces ₦2 Trillion Economic Stimulus for Economy Stabilization

President Bola Tinubu

President Bola Tinubu has announced plans to inject ₦2 trillion into the Nigerian economy over the next six months. This announcement came during the inauguration of the Presidential Economic Coordination Council (PECC), which includes representatives from various sectors of society and the economy.

At the inauguration, President Tinubu presented the outcomes of his review of the accelerated stabilization and advancement plan. Following the event, Finance Minister and Coordinating Minister of the Economy, Wale Edun, provided details on how the emergency funding would be allocated, highlighting sectors such as Health, Agriculture, Energy/Power, and general business support.

“The President has inaugurated the PECC, a body comprising the President’s Economic Management Team, leaders of the National Assembly, and key figures from the private sector, including the Nigerian Governors Forum,” Edun stated. He outlined that the emergency plan, devised through collaboration among the President’s team, state governors, and the private sector, includes a ₦2 trillion package with specific allocations: ₦350 billion for Health and Social Welfare, ₦500 billion for Agriculture and Food Security, ₦500 billion for the Energy and Power sector, and ₦650 billion for general business support.

In addition to the financial package, Edun mentioned various policy measures and executive orders aimed at easing the cost of doing business.

Tony Elumelu, Chairman of Heirs Holdings and founder of the Elumelu Foundation, emphasized the importance of making food affordable and improving daily oil production. He expressed optimism about the private sector’s role in the administration, predicting positive economic changes and job creation.

Aliko Dangote, President of the Dangote Group, affirmed the Council’s commitment to advising the government on effective policies. He highlighted the private sector’s potential to significantly invest in the economy and create jobs, suggesting a turnaround within months.

President Tinubu’s announcement of the PECC, which he chairs, was initially made in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, on March 27, 2024. The Council 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 other ministers.

Thirteen key members from the organized private sector are also part of the PECC for a term not exceeding one year, subject to the President’s directive. These members include Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Amina Maina, Begun Ajayi-Kadir, Funke Okpeke, Doyin Salami, Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu, and Rasheed Sarumi.