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Office of the SA on Social Media to PBAT🇳🇬
@Dolusegun16
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU INAUGURATES PRESIDENTIAL ECONOMIC COORDINATION COUNCIL (PECC), ROLLS OUT MEASURES TO STRENGTHEN THE ECONOMY
President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation.
Speaking at the inaugural meeting of the 31-member Council held at the Council Chambers in Abuja, President Tinubu, who chairs the Council, underscored the need for innovative solutions to the country’s economic challenges, noting the importance of public-private partnerships in driving economic reforms.
''We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country.
''We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity.
''We must increase our oil production to two (2) million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness,'' the President stated.
President Tinubu announced measures, which will run concurrently with the National Construction and Household Support Programme, to stabilize the economy, enhance job creation, and foster economic security.
The measures under the Economic Stabilization Programme are as follows:
(1) Energy Security
The Energy Security Initiative, which includes power, oil and gas, aims to:
- Increase on-grid electricity to be delivered to homes and businesses from about 4.5 gigawatts to 6 gigawatts in six months;
- Increase oil production to 2 million barrels per day within the next 12 months; and
- Remove barriers to entry for investments into the sector to enhance competitiveness.
(2) Agriculture and Food Security
Under this plan, the aim is to:
- Increase staple crops grown by small-holder farmers from 127 million MT in 2023 to 135 million MT this year;
- Bolster production by partnering larger-scale commercial farmers;
- Support qualified farmers with satellite imagery for land use planning, crop rotation, and monitoring of agricultural expansion.
(3) Health and Social Welfare
In the health and social welfare sector, the federal government shall:
- Make essential medicines available at lower cost for 80-90 million Nigerians;
- Expand healthcare insurance coverage for 1 million vulnerable people via a Vulnerable Group Fund in collaboration with state governments;
- Redeploy 20,000 healthcare workers to provide services to 10-12 million patients in areas where they are most urgently needed;
- Power up 4,800 primary healthcare centres (PHCs), second tier, and third tier hospitals using renewable energy sources.
(4) Fiscal Measures
Some of the interventions to improve access to finance for the housing sector, MSMEs, and the manufacturing sector are:
- Youth-owned enterprises: Support for new and existing youth-owned enterprises across all 36 states of the Federation, creating 7,400 MSMEs within the next 6-12 months;
- MSME support: A six hundred and fifty billion naira (N650 billion) facility will provide lower-cost short-term facilities to youth-owned businesses, manufacturers and MSMEs across various industries; food processing, pharmaceutical, agriculture, and wholesale and retail trade. This financing will be based on their current and future receivables, company rating, and market demand for products;
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