By Festus Fifen
President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation.
Speaking at the inaugural meeting of the 31-member Council held at the Council Chambers in Abuja, President Tinubu, who chairs the Council, underscored the need for innovative solutions to the country’s economic challenges, noting the importance of public-private partnerships in driving economic reforms.
In his words, ”We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country.
”We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity.
”We must increase our oil production to two (2) million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness,” the President stated.
President Tinubu announced measures, which will run concurrently with the National Construction and Household Support Programme, to stabilize the economy, enhance job creation, and foster economic security.
The measures under the Economic Stabilization Programme are Energy Security which includes power, oil and gas, solely with the aim of Increasing on-grid electricity to be delivered to homes and businesses from about 4.5 gigawatts to 6 gigawatts in six months, Increase oil production to 2 million barrels per day within the next 12 months; and Remove barriers to entry for investments into the sector to enhance competitiveness.
Other measures includes Agriculture and Food Security aimed at Increasing staple crops grown by small-holder farmers from 127 million MT in 2023 to 135 million MT this year; Bolster production by partnering larger-scale commercial farmers; Support qualified farmers with satellite imagery for land use planning, crop rotation, and monitoring of agricultural expansion.
On the side of Health and Social Welfare, the federal government intends to Make essential medicines available at lower cost for 80-90 million Nigerians; Expand healthcare insurance coverage for 1 million vulnerable people via a Vulnerable Group Fund in collaboration with state governments; Redeploy 20,000 healthcare workers to provide services to 10-12 million patients in areas where they are most urgently needed; Power up 4,800 primary healthcare centres (PHCs), second tier, and third tier hospitals using renewable energy sources.
Other Fiscal Measures mentioned by the President are the interventions to improve access to finance for the housing sector, MSMEs, and the manufacturing sector
They include Youth-owned enterprises to Support for new and existing youth-owned enterprises across all 36 states of the Federation, creating 7,400 MSMEs within the next 6-12 months; A six hundred and fifty billion naira (N650 billion) facility will provide lower-cost short-term facilities to youth-owned businesses, manufacturers and MSMEs across various industries; food processing, pharmaceutical, agriculture, and wholesale and retail trade. This financing will be based on their current and future receivables, company rating, and market demand for products;
The President hinted that A Manufacturing Stabilization Fund will rejuvenate up to two hundred and fifty companies and deliver lower cost (9.0%-11.0%) long-term facilities to large, medium-scale, and light manufacturers that produce finished goods for domestic and export markets.
Emphasizing the significance of the task ahead, Vice-President Kashim Shettima, who is the Vice-Chairman of the Council, stated that President Tinubu is committed to proffering solutions to the nation’s economic challenges and not apportioning blame.
”I want to emphasize that when there is a will, there is always a way, and the President does not believe in apportioning blame. He believes in preparing solutions,” the Vice-President said.
The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun made a presentation on the highlights of the Accelerated Stabilization and Advancement Plan earlier submitted to the President.
The plan details economic issues to be resolved in 2024 by sub-committees in the key sectors of agriculture and food security, energy (oil, gas, power), health and social welfare, and business support.
Other members of the Council include the Senate President, the Speaker of the House of Representatives, Chairman of the Nigeria Governors Forum, twelve ministers, and the Governor of the Central Bank of Nigeria.
Members from the Organized Private sector include: Alhaji Aliko Dangote; Mr. Tony Elumelu; Alhaji Abdul Samad Rabiu; Ms. Amina Maina, Mr. Segun Ajayi-Kadir; Dr. Funke Opeke; Dr. Doyin Salami; Mr. Patrick Okigbo; Mr. Kola Adesina; Mr. Segun Agbaje; Mr. Chidi Ajaere; Mr. Abdulkadir Aliu; and Mr. Rasheed Sarumi.
—————————————————————————————————————————————
Your help to our media platform will support the delivery of the independent journalism and broadcast the world needs. Support us by making any contribution. Your donation and support allows us to be completely focus, deeply investigative and independent. It also affords us the opportunity to produce more programmes online which is a platform universally utilised.
Thank you.
Please click link to make – DONATION