By Chukwuma Emeka, Abuja
President Bola Tinubu has promised to inject about N2 trillion into the economy to turn its fortunes around within six months.
He stated this while inaugurating the Presidential Economic Coordination Council (PECC) on Thursday in Abuja.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this to correspondents after the inauguration.
Briefing State House Correspondents after the Inauguration of the Council, Mr Edun said the Council is to meet and report to the President monthly.
He stated that the N2 trillion initiative will go into power and energy, agriculture among others.
The PECC consist of government officials, top private sector players, and consultants including President of the Dangote Industries Limited, Mr Aliko Dangote; Chairman of the United Bank of Africa, Mr Tony Elumelu; and Chief Executive Officer of the Financial Derivatives Company Limited, Bismarck Rewane.
Elaborating on the work plan for the PECC, Mr. Edun said, “today, they were presented with the outcome of the stabilisation emergency plan to cover the next six months, a N2 trillion naira package.”
Adding that there are also Executive orders signed by the President and are being gazetted to ease the cost of doing business in Nigeria.
According to him, President Tinubu is focused on food security and has asked the Nutrition Council to go to work and provide for Nigerians food at an affordable price.
The Minister said President Tinubu presented the PECC with the outcomes of his accelerated, stability, stabilization and advancement plan which is an emergency plan to cover the next six months.
In addition, the Council is to galvanise the current administration’s target of getting crude oil production up to two million barrels per day.
Mr Edun also said the plan involves an N2trn package aimed at stabilising the economy and it includes: 350 billion Naira for Health and Social Welfare; 500 billion Naira for Agriculture and Food Security; 500 billion Naira for the Energy and Power sector; and 650 billion Naira for general business support.
He further explained that the Federal Government is focusing attention on boosting agricultural production in the country to ensure food security.
Also speaking, billionaire business tycoon and Africa’s richest man Dangote assured Nigerians that the PECC would come up with measures that will help the economy bounce back in the shortest possible time.
Also, Elumelu commended the President for constituting the Council as he pledged the commitment of the private sector.