President Bola Tinubu announced on Thursday that his government is set to introduce ₦2 trillion into some critical sectors of the economy within the next six months.
The fund is to provide accelerated stabilization and advancement plans to the economy.
The President made the announcement while speaking during the inauguration of his Presidential Economic Coordination Council (PECC) at the state house in Abuja.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while briefing newsmen after the inauguration.
Joined by some members of the council, including the Minister of Budget and Economic Planning, Abubakar Bagudu; the President of the Dangote Industries Limited, Aliko Dangote; and the Founder of the Tony Elumelu Foundation and Chairman of the UBA Group, Tony Elumelu, Edun disclosed some of the sectors to benefit to include Health, Agriculture, Energy/Power and other 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”
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