• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Economy  Tinubu inaugurates Presidential Economic Coordination Council, harps on boosting economy
  • Economy
  • National

 Tinubu inaugurates Presidential Economic Coordination Council, harps on boosting economy

By
Ajuri Ngelale
-
July 4, 2024

 Tinubu inaugurates Presidential Economic Coordination Council, harps on boosting economy

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.

”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 as follows:

(1) Energy Security

The Energy Security Initiative, which includes power, oil and gas, aims to:

– Increase 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.

(2) Agriculture and Food Security

Under this plan, the aim is to:

– Increase 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.

(3) Health and Social Welfare

In the health and social welfare sector, the federal government shall:

– 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.

(4) Fiscal Measures

Read Also:

  • ICPC to Prosecute Self-Acclaimed Kano Journalist for Alleged ₦14 Million Fraud
  • Ex-Gov Yahaya Bello’ s Fund Withdrawals Did Not Breach Banking Regulations, EFCC Witness Tells FCT Court
  • Atiku Criticises DSS, Demands Probe of Tinubu Cabinet Following Minister’s Resignation

Some of the interventions to improve access to finance for the housing sector, MSMEs, and the manufacturing sector are:

– Youth-owned enterprises: 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;

– MSME support: 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;

– 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;

– Sub-national Matching Fund: A Grow Nigeria Development Fund consisting of a single-digit interest rate loan portfolio with the Bank of Industry and a matching fund agreement with sub-national governments to grow MSMEs;

– Expanding the Bank of Industry’s Rural Development Programme: A fund to support rural economies in developing 300 new MSMEs for each state, including the Federal Capital Territory (Abuja), resulting in 11,100 new rural-based MSMEs across the Federation;

– Mortgage Finance Acceleration Facility: A facility that delivers affordable housing for all segments impacted by the cost-of-living challenge. This will support the construction of an additional 25,000 housing units.

These fiscal measures will improve access to finance for MSMEs and, in the process, create 4.7 million direct and indirect jobs over a six to 12-month period.

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.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

July 4, 2024

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • economy
  • Tinubu
Previous article Miscreants scheming protest against EFCC – Group alert security agencies
Next articleSenate Okays Bill for Establishing North Central Development Commission 
Ajuri Ngelale
Ajuri Ngelale

RELATED ARTICLESMORE FROM AUTHOR

Ex-Gov Yahaya Bello’ s Fund Withdrawals Did Not Breach Banking Regulations, EFCC Witness Tells FCT Court

Atiku Abubakar

Atiku Criticises DSS, Demands Probe of Tinubu Cabinet Following Minister’s Resignation

Minister of Innovation, Science and Technology, Uche Nnaji

Finally, Tinubu’s Embattled Minister Resigns Amid Certificate Scandal

INEC boss Mahmood Yakubu

Tinubu Confers National Honour on Outgoing INEC Chairman Mahmood Yakubu

Former INEC Boss hands over Leadership to Miss May Agbamuche-Mbu

JUST IN: INEC Boss Prof. Yakubu Hands Over Leadership to Acting Chair

Christian Association of Nigeria CAN

CAN Refutes ‘Christian Genocide’ Claims, Says Violence in Nigeria Affects All Faiths

PIP Foundation graduates 250 Gombe Youths in Tech, Entrepreneurship

Pantami Foundation Graduates 250 Gombe Youths in Tech, Entrepreneurship

Tinubu Orders NAHCON to Reduce 2026 Hajj Fares

Hajj Exercise Around Ka'abah

Group Urges CBN to Scrap 2% Service Charge on Hajj Fare to Reduce Pilgrimage Cost

NDLEA Logo

NDLEA Dismantles Cocaine Cartels Behind UK Shipments, Arrests Suspects, Destroys 25,000kg Skunk Nationwide

ACF

ACF Warns of Alleged Plot to Cripple Dangote Refinery, Urges FG Intervention

GWA Award Winners 2025

PHOTOS: Nigeria Customs, IMPR Bag Back-to-Back Golden World Award at IPRA 70th Anniversary

Recent Posts

  • ICPC to Prosecute Self-Acclaimed Kano Journalist for Alleged ₦14 Million Fraud
  • Ex-Gov Yahaya Bello’ s Fund Withdrawals Did Not Breach Banking Regulations, EFCC Witness Tells FCT Court
  • Atiku Criticises DSS, Demands Probe of Tinubu Cabinet Following Minister’s Resignation
  • Tinubu: Shuttle Diplomacy and the Power of Showing Up
  • MAAUN Public Health Students Host Seminar to Combat Drug Abuse and Preventable Diseases
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
ICPC to Prosecute Self-Acclaimed Kano Journalist for Alleged ₦14 Million FraudEx-Gov Yahaya Bello' s Fund Withdrawals Did Not Breach Banking Regulations, EFCC Witness Tells FCT CourtAtiku Criticises DSS, Demands Probe of Tinubu Cabinet Following Minister's ResignationTinubu: Shuttle Diplomacy and the Power of Showing UpMAAUN Public Health Students Host Seminar to Combat Drug Abuse and Preventable DiseasesFutureMap Graduates Over 1,000 Students from STEAM Camp in JigawaFinally, Tinubu's Embattled Minister Resigns Amid Certificate ScandalTinubu Confers National Honour on Outgoing INEC Chairman Mahmood YakubuArmy Partners Media to Tackle Fake News, Boost National SecurityBadaru Hails NAF’s Vision, Commissions New Headquarters Annex in AbujaJUST IN: INEC Boss Prof. Yakubu Hands Over Leadership to Acting ChairTroops Repel Terrorists Attacks in Borno, Launch Rescue Operation for Abducted VillagersCAN Refutes ‘Christian Genocide’ Claims, Says Violence in Nigeria Affects All FaithsAlleged Certificate Forgery: Why Uche Nnaji Must Resign or Get Fired ImmediatelyPantami Foundation Graduates 250 Gombe Youths in Tech, Entrepreneurship
X whatsapp