***Approves N2trn intervention package
***Dangote, Elumelu, Rabiu Salami, others make list
By Egena Sunday Ode
President Bola Ahmed Tinubu on Thursday Inaugurated the Presidential Economic Coordination Council with the approval of N2trillion intervention fund to stabilise the economy.
The Presidential Economic Coordination Council is made up of the President’s Economic Management team, the legislature represented by the leaders of the National Assembly, the Sub-nationals represented by the Chairman Nigeria Governors’ Forum as well as top economists and elites of the Nigerian Private Sector.
Other membership of the PECC are Vice President Kashim Shettima, Vice-Chairman; President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.
Others are Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.
The PECC, which also comprises 13 key members of the organized private sector, joining for a period not exceeding one year, subject to the President’s directive, included Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke and Dr. Doyin Salami.
Other PECC members from the private sector are Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu andMr. Rasheed Sarumi.
Minister of Finance, Mr Wale Edun, who briefed newsmen after the inaugural meeting
of the council said members were presented with the outcomes of the President’s review of the accelerated stability stabilisation and advancement plan.
The Finance Minister was joined at the briefing by Dangote, Elumelu and the Minister of Budget and National Planning, Atiku Bagudu.
He described the president’s move as an emergency plan that will cover the next six months following the approval of the sum of N2trillion intervention package.
He explained that the package involves the sum of N350b funding for health and social welfare , N500b funding for Agriculture and food security , N500b for the energy and power sector as well as the sum of N650b approved for general business support.
“The council will meet and report to the President monthly and today they were presented with the outcomes of the President’s review of the accelerated stability, stabilisation and advancement plan.
“An emergency plan to cover the next six months which President had directed that a combination of his own economic management team and the sub nationals and the private sector put together for his consideration.
“And the sum of that very important exercise is that a N2trillion package involving N350 funding for health and social welfare, N500billion funding for Agriculture and food security, N500b for the energy and power sector and general business support of about N650b”
The Minister added that the interventions are in addition to a range of measures being gazetted to ease the cost of doing business.
He further explained that there are other funding measures introduced to reduce cost of interest rate for certain sectors in the economy specifically with focus on boosting small and medium scale businesses.
Edun added that the Council is a mix of top talents and top stakeholders within the Nigerian business sector.
“This is in addition to a range of promising tax measures ,there is a range of Executive Orders which the President signed and are being gazetted to ease the cost of doing business at this particular time.
“There are a number of funding which will reduce the cost of interest rate for certain sectors in the economy with small and medium scale in particular but also larger companies; there is a line of credit that will allow them to fall cheaper than the elevated rate .
This plan is a means of stabilising the economy and get business growing again, we know what has happened since the micro economic measures which are necessary and have been implemented in a determined and consistent manner led to elevated cost for industries and for individuals”.
The Minister of Finance emphasised that the focus of President Tinubu is on food security, food production and nutrition security.
“So the commitment to providing food at an affordable price and in available quantity is upper most on president Tinubu’s mind at this particular time.
Mr Edun further mentioned the President’s committment to reducing the losses in the crude oil sector as well as getting crude oil production and sales up to two billion barrels per day.
Chairman Heirs holder and Nigerian Economist, Tony Elumelu said the President’s target of two billion barrel crude oil production per day target is achievable.
He underscored the need to improve power generation in the country to boost businesses.
“All of these is about creating prosperity for our people ,it is all about creating economic hope and creating jobs for our young ones.
So, we hope that with the private sector working with the FG, things will begin to improve. That is the aspiration and about the money approved now for disbursement are all targeted to achieving better life”
President Dangote Foundation, Aliko Dangote, pledged the support of the private sector in investing in job creation for Nigerians.
He emphasised the place of policy implementation, adding that personalities of members of the PECC are well equipped enough to advise the government on the right policies.
He said;”The Council will advise the government on the kind of policies to roll out, most of these things we have them and they’ve already been discussed over and over again and I think with the choice of people in the committee, they are good enough to advise government to know how to implement policies.
“The private sector will support the government to invest heavily and create jobs.
“Government does not create jobs, but they give us the right policies. You can see the interventions in gas sector getting the OB3 to work will give the country additional two billion dollars.
“What I keep saying is that our own issues are not that bad; this economy can be turn around within few months, and I think we are on that way.”
