Home Local News President Tinubu Inaugurates Presidential Economic Coordination Council

President Tinubu Inaugurates Presidential Economic Coordination Council

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President Bola Tinubu has inaugurated the Presidential Economic Coordination Council to enhance and stabilise Nigera’s economy.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun made this known while briefing State House Correspondents after the inauguration held at the Presidential Villa, Abuja.

He said the council is made up of the present economic management team, the leadership of the NationalAssembly, the sub-national government led by the Chairman of the Nigeria Governors Forum and a mix of stakeholders in the Nigerian Business sector led by Chaiman, Dangote group, Aliko Dangote, Chairman Heirs Holdings Tony Elumelu and the renowned economist Rewane Bismarck.

According to the Minister, President Tinubu gave the directive to inject funds worth 2 trillion Naira involving 250 billion naira funding for Health and Social Welfare, 500 billion naira funding for agriculture and food security, 500 billion for the energy and power sector among other policy and tax measures aimed to promote the ease of doing business in the country.

The Coordinating Minister of the Economy disclosed that the Council is expected to meet and report to the President on a monthly basis.

“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”.

He noted that President Tinubu”s priority is focused on ood production, food security and nutrition security, adding that he has ordered that the Food Security and Nutrition Council immediately commence work.

“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’re number of funding which will reduce the interest rate for certain sectors in the economy, the small and medium scale in particular, but also some larger companies, there is a line of credit that will allow them to fund cheaper than the elevated rates.

“This plan is a means of trying to stabilize the economy and get business growing again, we know what has happened since the macro-economic measures, which were necessary and which have been implemented in a determined and consistent manner, led to elevated costs, both for industry and for individuals”, he said.

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