President Bola Tinubu has taken steps to bolster Nigeria’s economy by inaugurating the Presidential Economic Coordination Council (PECC). This council comprises representatives from various sectors, including government, legislature, private sector elites, and sub-national entities like state governors. The PECC’s primary focus is on implementing an Accelerated Stabilization and Advancement Plan aimed at injecting N2 trillion into the economy over the next six months.
According to Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who briefed the press after the inauguration, the emergency funding will target critical sectors such as Health, Agriculture, Energy/Power, and other essential areas. The breakdown includes N350 billion for Health and Social Welfare, N500 billion for Agriculture and Food Security, N500 billion for Energy and Power, and N650 billion for general business support. Additionally, policy measures, tax reforms, and executive orders aimed at easing the cost of doing business are also part of the strategy.
President Tinubu had initially announced the formation of the PECC on March 27, 2024, underscoring its role in steering economic policies and strategies to mitigate current challenges and foster sustainable growth in Nigeria.