On Thursday, President Bola Tinubu launched the Presidential Economic Coordination Council (PECC) and introduced the Economic Stabilization Programme, focusing on food security, power supply improvement, social welfare, healthcare, increased energy production, and overall economic growth.
During the inaugural meeting at the Council Chambers in Abuja, President Tinubu emphasized the need for innovative solutions to Nigeria’s economic issues, highlighting the importance of collaboration between the public and private sectors.
“We need to work together to improve our oil and gas sector and increase electricity generation and distribution throughout the country. We are determined to do that with your cooperation, collaboration, and recommendations” Tinubu said.
The President stressed the urgency of addressing energy security in Nigeria, noting, “It is so shameful that we are still generating 4.5 gigawatts of electricity. We must increase our oil production to two million barrels per day within the next few months and remove all entry barriers to investments in the energy sector.”
The Economic Stabilization Programme includes several key measures:
1. Energy Security
- Increase on-grid electricity from 4.5 gigawatts to 6 gigawatts within six months.
- Boost oil production to 2 million barrels per day within the next 12 months.
- Remove barriers to investment in the energy sector to enhance competitiveness.
2. Agriculture and Food Security
- Raise staple crop production from 127 million metric tons in 2023 to 135 million metric tons this year.
- Partner with larger-scale commercial farmers to bolster production.
- Support farmers with satellite imagery for land use planning, crop rotation, and monitoring.
3. Health and Social Welfare
- Make essential medicines more affordable for 80-90 million Nigerians.
- Expand healthcare insurance coverage for 1 million vulnerable people.
- Redeploy 20,000 healthcare workers to serve 10-12 million patients in critical areas.
- Power up 4,800 primary healthcare centers and hospitals using renewable energy.
4. Fiscal Measures
- Support new and existing youth-owned enterprises, creating 7,400 MSMEs within 6-12 months.
- Provide a N650 billion facility for lower-cost short-term loans to youth-owned businesses, manufacturers, and MSMEs.
- Establish a Manufacturing Stabilization Fund to rejuvenate 250 companies with lower-cost long-term loans.
- Create a Grow Nigeria Development Fund for MSMEs, in partnership with sub-national governments.
- Expand the Bank of Industry’s Rural Development Programme to support 11,100 new rural-based MSMEs.
- Introduce a Mortgage Finance Acceleration Facility to support the construction of 25,000 housing units.
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These measures aim to improve access to finance for MSMEs and create 4.7 million direct and indirect jobs over the next six to 12 months.
Vice President Kashim Shettima, vice chairman of the Council, expressed the administration’s commitment to solving economic challenges.
“When there is a will, there is always a way, and the president does not believe in apportioning blame. He believes in preparing solutions,” Shettima said.
The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, presented the highlights of the Accelerated Stabilization and Advancement Plan, focusing on agriculture and food security, energy, health and social welfare, and business support.
The 31-member Council includes key figures such as the “Senate President, the Speaker of the House of Representatives, the Chairman of the Nigeria Governors Forum, twelve ministers, and the Governor of the Central Bank of Nigeria. Private sector members include Aliko Dangote, Tony Elumelu, Abdul Samad Rabiu, Amina Maina, Segun Ajayi-Kadir, Funke Opeke, Doyin Salami, Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu, and Rasheed Sarumi.”