President Tinubu Announces N2 Trillion Economic Stimulus Plan

ABUJA, Nigeria (AP) — President Bola Tinubu announced on Thursday an ambitious plan to inject N2 trillion into the Nigerian economy over the next six months.

The announcement came during the inauguration of the Presidential Economic Coordination Council (PECC), which comprises representatives from various sectors of society and the economy.

At the inauguration, President Tinubu presented the outcomes of his review of the accelerated stabilization and advancement plan.

Briefing State House correspondents, Finance Minister and Coordinating Minister of the Economy, Wale Edun, detailed the emergency funding distribution, highlighting key sectors such as Health, Agriculture, and Energy/Power.

“The President has just inaugurated the Presidential Economic Coordination Council, which includes his Economic Management Team, the Legislature represented by the Senate President and the Speaker of the House of Representatives, and sub-nationals represented by the chairman of the Nigerian Governors Forum. The private sector is also well-represented,”

Wale Edun

Edun outlined the N2 trillion package, allocating approximately N350 billion to Health and Social Welfare, N500 billion to Agriculture and Food Security, N500 billion to the Energy and Power sector, and about N650 billion for general business support.

President Tinubu emphasized food security as a priority, directing the Nutrition Council to ensure affordable food prices for Nigerians.

Joining Edun at the briefing were prominent business leaders including Aliko Dangote, Chairman of Dangote Group, Tony Elumelu, Chairman of Heirs Holdings, and Minister of Budget and Economic Planning, Atiku Bagudu.

The Council also features key private sector players like Doyin Salami and Bismarck Rewani, as well as young businessmen from major stock exchange-listed companies and financial organizations.

Aliko Dangote remarked that the Council would advise the government on policies for the public good, adding that private sector investment could rapidly transform the economy.

President Tinubu had announced the formation of the Council, which he personally chairs, in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, on March 27, 2024.

The PECC includes Vice President Kashim Shettima as Vice-Chairman, the President of the Nigerian Senate, the Chairman of the Nigeria Governors’ Forum, the Coordinating Minister for the Economy and Minister of Finance, the Governor of the Central Bank of Nigeria, and various other ministers responsible for key sectors such as Agriculture, Aviation, Digital Economy, Trade, Labour, Marine Economy, Power, Petroleum Resources, Gas, Transportation, and Works.

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