The Federal Government has unveiled the results of its review of the accelerated stabilisation and advancement plan, aiming to inject N2 trillion into the economy over the next six months.
President Bola Tinubu emphasized his commitment to boosting crude oil production to two million barrels per day and enhancing electricity generation for Nigerians in the coming months. He lamented Nigeria’s current power generation and crude oil output as “shameful.”
During the inauguration of the 31-member Presidential Economic Coordination Council at Aso Rock Villa, Abuja, Tinubu highlighted the urgency of addressing these challenges. The council includes Vice President Kashima Shettima, Senate President Godswill Akpabio, Governor Abdulrahman Abdulrazaq of Kwara State, and Yemi Cardoso from the Central Bank of Nigeria, alongside 13 representatives from the private sector such as Aliko Dangote, Tony Elumelu, and Abdulsamad Rabiu.
Tinubu urged collaboration to overcome barriers hindering investments in the energy sector, stressing, “We must increase our oil production to 2 million barrels per day and address the shortfall in electricity generation.”
Despite Nigeria’s status as Africa’s largest oil producer, challenges like pipeline vandalism and operational inefficiencies have hindered meeting OPEC production quotas. Recent figures show crude oil production averaging 1.25 million barrels per day, well below targets.
The President also acknowledged Nigeria’s critical power generation deficit, currently at 4.5 gigawatts, insufficient for its over 200 million citizens’ industrial needs. This has led to frequent power outages, impacting economic productivity.
Tinubu expressed determination to collaborate with the private sector to tackle these issues, stating, “We need to work together to enhance our energy security, improve power generation, and boost agriculture through mechanization.”
Highlighting infrastructural developments, Tinubu cited projects like the Sokoto-Badagry road and potential electricity generation from 36 dams along the route. He invited stakeholders to contribute ideas, emphasizing the need for collective effort to stabilize the economy amidst challenges like fluctuating food prices.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, outlined the allocation of emergency funds from the N2 trillion package: N350 billion for Health and Social Welfare, N500 billion for Agriculture and Food Security, N500 billion for Energy and Power, and N650 billion for general business support.
Speaking to reporters, Edun explained, “The President’s Economic Coordination Council will oversee the implementation of these measures, supported by policy adjustments and executive orders to facilitate business operations.”
Aliko Dangote, Chairman of Dangote Group, pledged substantial private sector investment in job creation initiatives, expressing optimism about Nigeria’s economic prospects. He underscored the importance of effective policy implementation and collaboration between public and private sectors.
The Presidential Economic Coordination Council aims to revamp Nigeria’s economic governance framework, enhancing coordination among federal and state governments, and the private sector. The initiative reflects ongoing efforts to address economic challenges and stimulate sustainable growth.
Since taking office, the Tinubu administration has implemented reforms like ending petrol subsidies and unifying foreign exchange rates, aimed at redirecting funds towards infrastructure development despite initial economic disruptions.
Ajuri Ngelale, Special Adviser on Media and Publicity, described the PECC as pivotal for strategic economic planning and implementation, aligning federal and state efforts with private sector initiatives to navigate current economic uncertainties.
The PECC’s formation underscores the government’s commitment to proactive economic management, fostering a conducive environment for investment and sustainable development in Nigeria.
