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FG plans N2 trillion economic revival initiative and inaugurates council.

By: Adisa Deborah

The Federal Government has provided a review of the accelerated stabilization and advancement plan, which aims to infuse N2 trillion into the economy over the next six months. President Bola Tinubu established a 31-member Presidential Economic Coordination Council to improve crude oil production and produce more energy for Nigerians. The council is made up of Vice President Kashima Shettima, Senate President Godswill Akpabio, and 13 business sector representatives.

 

Tinubu, Nigeria’s President, has asked the private sector to expand oil production to 2 million barrels per day to satisfy OPEC standards. Despite being Africa’s greatest oil production, Nigeria has struggled to reach its obligations due to pipeline vandalism, theft, and operational inefficiencies. The government is resolved to work with the business sector to overcome these challenges and boost Nigeria’s competitiveness.

 

President Tinubu has stressed the importance of Nigeria’s energy and food security, calling on the Federal Executive Council to cooperate and collaborate. He declared a state of emergency for food security and underlined the need for smallholder farmers to expand staple crops. Tinubu also suggested the Sokoto-Badagry road, which might generate more electricity and benefit agriculture. He expressed hope that Bismarck Rewane would provide other proposals to help stabilize the economy. The Federal Executive Council examined the expedited stabilization and advancement strategy, which intends to inject N2 trillion into the economy over the next six months.

 

The Presidential Economic Coordination Council, which includes the President’s Economic Management Team, National Assembly leaders, the Senate President, the House of Representatives Speaker, and sub-nationals, has been established to handle Nigeria’s food security and social welfare requirements. The Council has approved an emergency plan for the next six months that includes policy changes, tax cuts, and executive decrees to reduce company expenses. Chairman Aliko Dangote of the Dangote Group has committed to investing extensively in job-creation programs, believing that Nigeria’s economy will recover in a few months.

 

The business and governmental sectors are partnering to advise the government on measures that would improve people’s lives. The PECC, which consists of Ministers from several sectors, will advise the government on how to carry out these plans. Begun Ajayi-Kadir, Funke Okpeke, and other private sector participants would prioritize large-scale investment and employment creation. The government must offer the necessary policies, while the private sector attempts to revive the economy within a few months.

 

In late March, Ajuri Ngelale, Special Adviser on Media and Publicity, highlighted the Presidency’s plans to restructure Nigeria’s economic governance framework. The move comes after President Tinubu formed an economic advisory council to combat currency arbitrage and handle rising food prices, despite producing uncertainty in the naira’s value.