President Bola Tinubu announced on Thursday that his administration plans to inject N2 trillion into the Nigerian economy over the next six months.
This announcement came during the inauguration of the Presidential Economic Coordination Council (PECC), composed of key figures from various sectors.
During the inauguration, President Tinubu presented his review outcomes of the accelerated stabilization and advancement plan.
After the event, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provided details on the allocation of the emergency funding.
He stated: “The President has just inaugurated the Presidential Economic Coordination Council. This council includes the President’s Economic Management Team, legislative leaders such as the Senate President and Speaker of the House of Representatives, state representatives through the Chairman of the Nigerian Governors Forum, and leading figures from the private sector.
“The council reviewed an accelerated stabilization and advancement plan, directed by the President, which resulted in a N2 trillion package. This package includes N350 billion for Health and Social Welfare, N500 billion for Agriculture and Food Security, N500 billion for the Energy and Power sector, and N650 billion for general business support.
“Alongside this financial package are various policy measures, tax adjustments, and executive orders signed by the President to reduce the cost of doing business.”
Tony Elumelu, Chairman of Heirs Holdings and founder of the Elumelu Foundation, also addressed the council, emphasizing the need for affordable food and increased oil production.
He expressed optimism that with private sector involvement in Tinubu’s administration, there would be economic improvement and job creation.