President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC) on Thursday, tasking it with strategizing a way out of Nigeria’s current economic challenges. The Council comprises a mix of government officials, top private sector players, and consultants, including prominent figures such as Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of United Bank for Africa; and Bismarck Rewane, CEO of Financial Derivatives Company Limited.

Briefing State House Correspondents after the inauguration, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated that the Council would meet and report to the President monthly. Edun noted that President Tinubu presented the PECC with the outcomes of his accelerated, stability, and advancement plan, which is an emergency plan covering the next six months.

The Council is also tasked with galvanizing the administration’s goal of increasing crude oil production to two million barrels per day.

The plan involves an N2 trillion package aimed at stabilizing the economy, including:

– N350 billion for Health and Social Welfare
– N500 billion for Agriculture and Food Security
– N500 billion for the Energy and Power sector
– N650 billion for general business support

Edun emphasized the Federal Government’s focus on boosting agricultural production to ensure food security.

Billionaire business tycoon and Africa’s richest man, Aliko Dangote, assured Nigerians that the PECC would implement measures to help the economy recover swiftly. Tony Elumelu commended President Tinubu for constituting the Council and pledged the commitment of the private sector to support the initiative.