Mohammed Shosanya
President Bola Tinubu has inaugurated a Presidential Economic Coordination Council, (PECC) through which the Federal Government plans to inject over N2trillion naira to reflate the economy soon.
The inauguration took place at the Presidential Villa Abuja on Thursday, with key personalities in the public and private sectors forming part of the Council.
At the inauguration,the President presented the outcomes of his review of the accelerated stabilization and advancement plan where he also gave directive of sectors where bulk of the funds should be channelled for optimum results.
Briefing State House correspondents after the inauguration, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, gave a breakdown of the areas to benefit the emergency funding to include Health, Agriculture, Energy/Power and other areas.
According to Edun, “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 sum 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.
