In a frantic effort to jump-start Nigeria’s distressed economy, President Bola Tinubu has announced a N2 trillion economic stabilisation plan.
Tinubu unveiled the plan on Thursday, during the inauguration of the Presidential Economic Coordination Council (PECC), in Abuja.
The aim is to revitalise the economy over the next six months.
Established in March this year, the PECC is chaired by the president and includes key government officials such as the Vice-President, Senate President, and the Chairman of the Governors’ Forum.
Leaders of the private in the PECC include Aliko Dangote, Tony Elumelu Bismarck Rewane. They will serve on the council for one year.
Speaking at the inauguration, Tinubu expressed his gratitude to private sector leaders like Dangote, Elumelu, and others for their participation.
“It is Nigeria that is calling, not a Bola Tinubu. And the hope of the entire nation hangs on you people,” he said.
Speaking on current 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,” Tinubu said.
“We have to look back at how we have navigated ourselves and look forward [to] better economic navigation.
“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.
“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 foodstuff 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.”
