President Tinubu made this announcement while inaugurating the Presidential Economic Coordination Council (PECC). Nigerian business magnate and Africa’s richest man, Aliko Dangote, CEO of UBA Group Tony Elumelu and other notable players in the private sector were announced as members of the new presidential council in Abuja on Thursday, July 5 2024.
After the event the minister of finance, Mr. Wale Edun told journalists at the state house that the council’s member comprised of the most talented stakeholders available in the country.
He further disclosed that the president has signed some executive orders to help ease the costs of doing business in Nigeria.
The following were the finance minister’s comments obtained by 9AM News Nigeria: “Today, they (members of the council) were presented with the outcome of the stabilisation emergency plan to cover the next six months, a N2 trillion naira package”.
“This is in addition to a range of policy measures and tax measures, and executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business at this particular time”. He added
9AM News Nigeria obtained a detailed breakdown of the N2 trillion package. The breakdown shows that the government is investing about N350 billion into Health and Social Welfare programs; It will allocate N500b for Agriculture and Food Security; And another N500 billion for the Energy and Power sector and then general business support of about N650 billion.
Wale Edun the finance minister revealed that the President Tinubu will prioritize food security. He said the president has directed the Nutrition Council of Nigeria to go to work and provide food for Nigerians at affordable prices.
He also said that the government is working on reducing the interest rate, (which is currently around 30%) especially for small and medium scales in particular.
“This plan is a means of trying to stabilize the economy and get business growing again, we know what has happened since the macro-economic measures, which were necessary and which have been implemented in a determined and consistent manner, led to elevated costs, both for industry and for individuals.
“Mr. President’s focus is on food production, food security, nutrition security, etc.
“He has ordered that the Food Security and Nutrition Council to immediately go to work and the Vice President said they had a meeting on the food system just yesterday. So the commitment to providing food at an affordable price and in available quantities is uppermost in Mr. President’s mind at this particular time”. Wale Edun said.
The minister also announced plans to boost Crude oil production in Nigeria.
He said “Secondly, the OB3 pipeline that carries gas from the east of the Niger Delta to the West has been in the making. That project has been on for 17 years and it is now under President Bola Tinubu that we are looking at a completion date of next month and the difference that that will make is that it will allow the major fertilizer producers”.
The finance minister gave a hint that the federal government will take advantage of improved fertilizer production of the Dangote fertilizer plants, adding that “He and other major producers will now become net exporters of fertilizer and they will become net-owners of foreign exchange. That project is around the corner.
“So those are the optimisms that we can look forward to in terms of what is imminent in terms of job creation and improved economic output. I will stop there because I do have others on this podium with me and it’s important to hear their contributions”.
Ogasabi’s findings show that the Presidential economic Coordination Council(PECC) 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. States are also represented in the council by the chairman of the Nigerian Governors Forum. The big players of the private sector; the likes of Alhaji Aliko Dangote, President of Dangote as well as Mr. Tony Elumelu and other top economists are members of the council.
The Council is expected to meet regularly and report to Mr. President on monthly basis. The decisions from their meetings will be used to accelerate, stabilize and advance economic growth in Nigeria.
Breaking news: President of Nigeria Bola Tinubu has promised to inject the sum of 2 trillion naira into Nigeria’s economy within the next six months to boost economic growth and help businesses stay afloat.
President Tinubu made this announcement while inaugurating the Presidential Economic Coordination Council (PECC). Nigerian business magnate and Africa’s richest man, Aliko Dangote, CEO of UBA Group Tony Elumelu and other notable players in the private sector were announced as members of the new PECC in Abuja on Thursday, July 5 2024.
After the event the minister of finance, Mr. Wale Edun told journalists at the state house that the PECC members comprised of the most talented stakeholders available in the country.
He further disclosed that the president has signed some executive orders to help ease the costs of doing business in Nigeria.
The following were the finance minister’s comments obtained by 9AM News Nigeria: “Today, the members of the PECC were presented with the outcome of the stabilisation emergency plan to cover the next six months, a N2 trillion naira package”.
“This is in addition to a range of policy measures and tax measures, and executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business at this particular time”. He added
9AM News Nigeria obtained a detailed breakdown of the N2 trillion package. The breakdown shows that the government is investing about N350 billion into Health and Social Welfare programs; It will allocate N500b for Agriculture and Food Security; And another N500 billion for the Energy and Power sector and then general business support of about N650 billion.
In a news report by 9am news nigeria, Wale Edun the finance minister revealed that the President Tinubu will prioritize food security. He said the president has directed the Nutrition Council of Nigeria to go to work and provide food for Nigerians at affordable prices.
He also said that the government is working on reducing the interest rate, (which is currently around 30%) especially for small and medium scales in particular.
“This plan is a means of trying to stabilize the economy and get business growing again, we know what has happened since the macro-economic measures, which were necessary and which have been implemented in a determined and consistent manner, led to elevated costs, both for industry and for individuals.
“Mr. President’s focus is on food production, food security, nutrition security, etc.
“He has ordered that the Food Security and Nutrition Council to immediately go to work and the Vice President said they had a meeting on the food system just yesterday. So the commitment to providing food at an affordable price and in available quantities is uppermost in Mr. President’s mind at this particular time”. Wale Edun said.
The minister also announced plans to boost Crude oil production in Nigeria.
He said “Secondly, the OB3 pipeline that carries gas from the east of the Niger Delta to the West has been in the making. That project has been on for 17 years and it is now under President Bola Tinubu that we are looking at a completion date of next month and the difference that that will make is that it will allow the major fertilizer producers”.
The finance minister gave a hint that the federal government will take advantage of improved fertilizer production of the Dangote fertilizer plants, adding that “He and other major producers will now become net exporters of fertilizer and they will become net-owners of foreign exchange. That project is around the corner.
“So those are the optimisms that we can look forward to in terms of what is imminent in terms of job creation and improved economic output. I will stop there because I do have others on this podium with me and it’s important to hear their contributions”.
Ogasabi’s findings show that the Presidential economic Coordination Council(PECC) 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. States are also represented in the council by the chairman of the Nigerian Governors Forum. The big players of the private sector; the likes of Alhaji Aliko Dangote, President of Dangote as well as Mr. Tony Elumelu and other top economists are members of the council.
9am news reported that the PECC is expected to meet regularly and report to Mr. President on monthly basis. The decisions from their meetings will be used to accelerate, stabilize and advance economic growth in Nigeria.
