Tinubu unveils N2tn plan to stabilise economy in six months

Tinubu unveils N2tn plan to stabilise economy in six months 

President Bola Tinubu has announced a N2 trillion stabilisation plan to revive Nigeria’s struggling economy within six months.

He said during the inauguration of the presidential economic coordination council (PECC) on Thursday that the project was aimed at revitalising the nation’s economy within the given period with the help of the private sector.

The PECC chaired by the President was established in March this year and it includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.

It also has prominent private sector leaders such as Aliko Dangote, Tony Elumelu, and Bismarck Rewane, serving on the council for one year.

Tinubu’s administration has faced criticism for its economic reforms, including the removal of petrol subsidy and foreign exchange policies which have made life difficult for Nigerians.

But the government said it remained optimistic that the short-term pain would yield long-term benefits and attract foreign investment.
Speaking at the inauguration of the PECC, Tinubu expressed gratitude to Dangote, Elumelu, and others for their participation.
“It is Nigeria that is calling, not a Bola Tinubu. And the hope of the entire nation hangs on you people,” he said.
Speaking on current economic challenges, the President recalled that he declared a state of emergency on food security and outlined plans to increase oil production, improve power generation, and leverage infrastructure development to boost agriculture and electricity supply.
“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,” Tinubu said.
“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 stabilization that is necessary, give the incentive where we must and leave the market to control the pricing mechanism and the consumption.
“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 foodstuff 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 stabilize this economy.”
Tinubu acknowledged the challenges faced by the market, particularly in terms of food prices, as he expressed his willingness to listen to the private sector leaders for their recommendations on stabilising the economy.
He also highlighted the government’s plans for a manufacturing stabilisation fund and support for Micro, Small, and Medium Enterprises (MSMEs).