FG Announces N2trn Six Month Economy Stabilisation Package

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President Bola Tinubu has announced a two billion naira package to stabilise the economy in six months.

The plan was unveiled at the inauguration of the Presidential Economic Coordination Council (PECC) at the State House, Abuja.

The President, urged the private sector to contribute to government’s efforts to improve the lives of Nigerians, specifically in power supply, food security, and oil production.

“In the face of it, we have the change of energy security, we need to work together to include power, oil and gas to increase our own grids electricity,” the President said.

“We are determined to do that with your co-operation, collaboration, and recommendation.”

He criticised the nation’s 4.5 gigawatt capacity and urged increased oil production to 2 million barrels per day.

He also stressed the need for improved agriculture mechanisation to boost food security.

“We are going to improve on mechanisation. We have identified part of the infrastructural development to be within the reach. If you look at sokoto – Badagry road, there are about 36 areas dams that we can tap electricity from and generate additional electricity, and help agriculture and create arable farmland,” he said.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who briefed State House correspondents afterwards, said a larger chunk of the N2 trillion package would be spent on food security, social welfare, energy, and health.

The Presidential Economic Coordination Council, chaired by President Tinubu, will meet monthly to report on Executive Orders to ease business costs.

The council, consisting of the Vice-President, leadership of the National Assembly, Presidential Economic Management Team members, and chairman of the Governors’ Forum.

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