President Bola Tinubu announced on Thursday that his government aims to inject N2 trillion into the economy within the next six months.
President Tinubu made this statement during the inauguration of his Presidential Economic Coordination Council (PECC), consisting of representatives from various sectors of society and the economy.
During the inauguration, the President shared the results of his assessment of the fast-tracked stabilization and progress plan.
In a session with reporters at the State House following the inauguration, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, provided a detailed explanation of the sectors set to receive emergency funding. These sectors include Health, Agriculture, Energy/Power, as well as other key areas.
He said, “The President has just inaugurated the Presidential economic Coordination Council and that is a body that is made up of the President’s Economic Management Team, the Legislature, represented by the leaders of the National Assembly; the Senate President and the Speaker of the House of Representatives, as well as very importantly, the sub-nationals, represented by the chairman of the Nigerian Governors Forum, and, of course, the elite of the private sector.
“They were presented with the outcomes of Mr. President’s review of the accelerated stabilization and advancement plan and that was an emergency plan to cover the next six months, which Mr. President had directed that a combination of his own Economic Management Team and the sub nationals, the governor’s level, and the private sector put together for his consideration.
“The song of that very important exercise is that a N2 trillion package involving N350 billion funding for Health and Social Welfare; N500 billion funding for Agriculture and Food Security; N500 billion for the Energy and Power sector and general business support of about N650 billion.
“In addition to a range of policy measures and tax measures, there is a range of executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business at this particular time”
