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Tinubu announces injection of N2trn into economy for stabilisation

In a significant move to bolster the nation’s economy, President Bola Tinubu announced on Thursday that his administration plans to inject N2 trillion into various sectors within the next six months.

This announcement was made during the inauguration of the Presidential Economic Coordination Council (PECC), which comprises experts from diverse sectors of society and the economy.

During the inauguration ceremony, President Tinubu outlined the results of his review of the accelerated stabilization and advancement plan.

Following the inauguration, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provided further details. He disclosed that the emergency funding would primarily benefit the Health, Agriculture, and Energy/Power sectors, among others.

He said; 

“The President has just inaugurated the Presidential Economic Coordination Council and that is a body that is made up of the President’s Economic Management Team, the Legislature, represented by the leaders of the National Assembly; the Senate President and the Speaker of the House of Representatives, as well as very importantly, the sub-nationals, represented by the chairman of the Nigerian Governors Forum, and, of course, the elite of the private sector.

“They were presented with the outcomes of Mr President’s review of the accelerated stabilization and advancement plan and that was an emergency plan to cover the next six months, which Mr. President had directed that a combination of his own Economic Management Team and the sub nationals, the governor’s level, and the private sector put together for his consideration.

“The song of that very important exercise is that a N2 trillion package involving N350 billion funding for Health and Social Welfare; N500 billion funding for Agriculture and Food Security; N500 billion for the Energy and Power sector and general business support of about N650 billion.

“In addition to a range of policy measures and tax measures, there is a range of executive orders which Mr President has signed and which are being gazetted to ease the cost of doing business at this particular time”

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