Tinubu Moves to Revive Economy in Six Months, Unveils N2trn Stabilisation Plan
TINUBU
*Health, agriculture, energy/power, others to benefit from N2trn – Edun
By Our Reporter
President Bola Tinubu on Thursday disclosed of plans to revive the ailing Nigerian economy in six months.
Part of the measures include a N2trn stabilisation and advancement plan and inauguration of Presidential Economic Coordination Council (PECC) made up of experts from different sectors of the national economy.
During the inauguration ceremony in State House, Abuja, the President noted that the government had earlier declared a state of emergency on food security and identified plans to increase oil production, improve power generation and infrastructure development in order to boost agriculture and power supply.
He said, “We have a challenge thrown at us and all of us will have to be careful. I believe today is America’s 158th of their independence while we are celebrating our 25 years of progress of democracy. We have to look back at how we have navigated ourselves and look forward to better economic navigation.
“I can give instructions as the president from my office but I believe so much, deeply in the organised private sector. The partnership to drive the economy of this country, for reforms and stabilisation that is necessary, give the incentive where we must and leave the market to control the pricing mechanism and the consumption.”
Stating that it was a shame that the power generation remains 4.5 gigawatts, h he promised to address this as well as increase oil production.
Tinubu called for collaboration to raise Nigeria’s grid electricity and also oil and gas production.
According to him, “As a nation, it is so shameful that we have about 4.5 gigawatts. We must increase our oil production too to 2 million barrels per day within the next few months, remove all barriers hindering investments into the sector to enhance competitiveness. We’ve had a challenge thrown at us and all of us will have to be careful.
“I am ready to listen to you in all of that. You have seen us from close quarters but we are one. We feel the market pinches differently the price of food stuff and all of that. I believe Bismarck Rewane will be able to make additional suggestion on what we are lacking and what we should do to stabilise this economy.”
He also expressed concerns over the high food prices and promised to listen to the private sector leaders in their recommendations on how to stabilize the economy.
The Minister of Finance, Dr. Wale Edu explained that sectors which will benefit from the N2trn stabilisation fund include health, agriculture, energy/power and others.
Edun told newsmen, “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 stabilisation 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.
“There are a number of funding, which will reduce the cost of interest rate for certain sectors in economy with small and medium scale in particular but also larger companies there is a line of credit that will allow them to fall cheaper than the elevated rate.
“This plan is a means of stabilising the economy and get business growing again, we know what has happened since the micro economic measures, which are necessary and have been implemented in a determined and consistent manner led to elevated cost for industries and for individuals.”
By Our Reporter
President Bola Tinubu on Thursday disclosed of plans to revive the ailing Nigerian economy in six months.
Part of the measures include a N2trn stabilisation and advancement plan and inauguration of Presidential Economic Coordination Council (PECC) made up of experts from different sectors of the national economy.
During the inauguration ceremony in State House, Abuja, the President noted that the government had earlier declared a state of emergency on food security and identified plans to increase oil production, improve power generation and infrastructure development in order to boost agriculture and power supply.
He said, “We have a challenge thrown at us and all of us will have to be careful. I believe today is America’s 158th of their independence while we are celebrating our 25 years of progress of democracy. We have to look back at how we have navigated ourselves and look forward to better economic navigation.
“I can give instructions as the president from my office but I believe so much, deeply in the organised private sector. The partnership to drive the economy of this country, for reforms and stabilisation that is necessary, give the incentive where we must and leave the market to control the pricing mechanism and the consumption.”
Stating that it was a shame that the power generation remains 4.5 gigawatts, h he promised to address this as well as increase oil production.
Tinubu called for collaboration to raise Nigeria’s grid electricity and also oil and gas production.
According to him, “As a nation, it is so shameful that we have about 4.5 gigawatts. We must increase our oil production too to 2 million barrels per day within the next few months, remove all barriers hindering investments into the sector to enhance competitiveness. We’ve had a challenge thrown at us and all of us will have to be careful.
“I am ready to listen to you in all of that. You have seen us from close quarters but we are one. We feel the market pinches differently the price of food stuff and all of that. I believe Bismarck Rewane will be able to make additional suggestion on what we are lacking and what we should do to stabilise this economy.”
He also expressed concerns over the high food prices and promised to listen to the private sector leaders in their recommendations on how to stabilize the economy.
The Minister of Finance, Dr. Wale Edu explained that sectors which will benefit from the N2trn stabilisation fund include health, agriculture, energy/power and others.
Edun told newsmen, “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 stabilisation 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.
“There are a number of funding, which will reduce the cost of interest rate for certain sectors in economy with small and medium scale in particular but also larger companies there is a line of credit that will allow them to fall cheaper than the elevated rate.
“This plan is a means of stabilising the economy and get business growing again, we know what has happened since the micro economic measures, which are necessary and have been implemented in a determined and consistent manner led to elevated cost for industries and for individuals.”
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