Mkpoikana Udoma
Port Harcourt — President Bola Tinubu has launched the Presidential Economic Coordination Council, PECC, and the Economic Stabilization Programme, to ensure improved power supply, food security, social welfare and healthcare, increased crude oil production, and overall economic transformation.
The Council aims to increase on-grid electricity from 4.5GW to 6 gigawatts in six months and boost oil production to 2 million barrels per day within 12 months, as well as create 4.7 million direct and indirect jobs over the next six to 12 months.
The 31-member PECC is chaired by President Tinubu, includes the Vice-President, Senate President, Speaker of the House, 12 ministers, CBN Governor, and members of the organized private sector including Aliko Dangote and Tony Elumelu.
Inaugurating the Council, President Tinubu, underscored the need for innovative solutions to the country’s economic challenges, noting the importance of public-private partnerships in driving economic reforms.
”We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country.
”We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity.
”We must increase our oil production to 2 million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness,” the President stated.
President Tinubu announced measures, which will run concurrently with the National Construction and Household Support Programme, to stabilize the economy, enhance job creation, and foster economic security.
The measures under the Economic Stabilization Programme are, agriculture and food security, health and social welfare, fiscal Measures and energy security Initiative, which includes power, oil and gas, as well as providing fiscal support for MSMEs, manufacturing, and housing.
Emphasizing the significance of the task ahead, Vice-President Kashim Shettima, who is the Vice-Chairman of the Council, stated that President Tinubu is committed to proffering solutions to the nation’s economic challenges and not apportioning blame.
”I want to emphasize that when there is a will, there is always a way, and the President does not believe in apportioning blame. He believes in preparing solutions,” the Vice-President said.
The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun made a presentation on the highlights of the Accelerated Stabilization and Advancement Plan earlier submitted to the President.
The plan details economic issues to be resolved in 2024 by sub-committees in the key sectors of agriculture and food security, energy (oil, gas, power), health and social welfare, and business support.
