UPDATED: Dangote, Elumelu Others Onboard As Tinubu Inaugurates Presidential Economic Coordination Council

President Bola Tinubu has inaugurated a Presidential Economic Coordinating Committee (PECC), a body designed to address Nigeria’s current economic challenges.

The Committee includes influential figures from the private sector, such as Aliko Dangote, Chairman of Dangote Group; Tony Elumelu, Chairman of Heirs Holdings; Bismarck Rewane, CEO of Financial Derivatives Company Limited; and Wale Edun, Minister of Finance and Coordinating Minister for the Economy.

The group is expected to inject over ₦2 trillion into the Nigerian economy to stimulate growth.

During the inauguration ceremony at the Presidential Villa in Abuja on Thursday, Tinubu directed the allocation of specific funds: ₦250 billion for Health and Social Welfare and ₦500 billion for Energy and Power, among other economic support measures.

These initiatives are likely in response to the current inflationary trends that have sparked widespread complaints among Nigerians.

Finance Minister, Wale Edun, speaking to State House Correspondents after the inauguration, stated that the Council will meet and report to the President monthly.

The PECC will implement Tinubu’s accelerated stability and advancement plan, an emergency initiative for the next six months.

A key target for the Council is to increase crude oil production to two million barrels per day. The plan involves a 2 trillion Naira package aimed at stabilizing the economy, including:

– 350 billion Naira for Health and Social Welfare

– 500 billion Naira for Agriculture and Food Security

– 500 billion Naira for the Energy and Power sector

– 650 billion Naira for general business support

Edun emphasized the Federal Government’s focus on boosting agricultural production to ensure food security.

Billionaire Aliko Dangote assured Nigerians that the PECC would develop measures to revitalize the economy swiftly, while Tony Elumelu praised the President for forming the Council and pledged the private sector’s commitment.

The 31-member Council also includes Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, Nigeria Governors Forum Chairman AbdulRahman AbdulRazaq, 12 ministers, and Central Bank Governor Olayemi Cardoso.

Other members from the private sector include Abdul Samad Rabiu, Amina Maina, Segun Ajayi-Kadir, Funke Opeke, Doyin Salami, Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu, and Rasheed Sarumi.