Tinubu Launches Economic Team to Drive N2trn Package, Dangote, Other Billionaires on Board

• President Bola Tinubu formally introduced the Presidential Economic Coordination Council (PECC) on Thursday
• The Council is made up of a combination of consultants, well-known businesspeople, and governmental personnel
• The Council will also step up efforts to meet the current administration's daily production target of two million barrels of crude oil

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Presidential Economic Coordination Council (PECC), which is tasked with devising a plan of action to escape the nation's current economic predicament, was officially launched by President Bola Tinubu on Thursday, July 4.

Channels TV reported that the members of the Council comprise a blend of public servants, prominent figures from the private sector, and consultants.

Notable figures include Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of the United Bank of Africa; and Bismarck Rewane, Chief Executive Officer of the Financial Derivatives Company Limited.

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Following the Council's Inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, briefed State House Correspondents on the Council's Monthly Reporting Requirements.

Edun stated that President Tinubu had given the PECC the results of his Accelerated Stability, Stabilization, and Advancement Plan, which is an emergency plan for the ensuing six months.

The Council will also intensify efforts to achieve the present administration's goal of producing two million barrels of crude oil per day.

Additionally, Edun stated that the plan entails a N2 trillion package intended to stabilize the economy. This package consists of N350 billion for social welfare and health, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and N650 billion for general business support.

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He went on to say that in order to guarantee food security, the Federal Government is concentrating its efforts on increasing agricultural production in the nation.

In a separate speech, billionaire business magnate and richest man in Africa, Dangote, gave Nigerians assurances that the PECC will devise policies to hasten the recovery of the country's economy.

Abdulsamad Rabiu rejects appointment to finance committee

Legit.ng reported that the chairman of BUA Group, Abdulsamad Rabiu, has chosen to decline the nomination to join the finance committee established by the All Progressives Congress (APC).

In a statement released by his company on Friday, December 1, 2023, Mr Rabiu expressed his preference for maintaining a non-political stance.

Despite being a close associate of President Bola Tinubu, he opted not to accept the offer to serve on the 34-member finance committee, which was formed on Thursday and includes other business figures and prominent party members.

Source: Legit.ng