President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) with a mandate to strengthen the economy.He also inaugurated the Economic Stabilisation Programme aimed at ensuring food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation.The Council has a mix of government officials, top private sector players, and consultants including President of the Dangote Industries Limited, Mr Aliko Dangote; Chairman of the GIGM Group, Mr Chidi Ajaere; Chairman of the United Bank of Africa, Mr Tony Elumelu; Alhaji Abdul Samad Rabiu of BUA Group; and Chief Executive Officer of the Financial Derivatives Company Limited, Bismarck Rewane amongst others.In his address at the event held inside the Council Chambers in Abuja, Tinubu stressed the need for innovative solutions to the country’s economic challenges.He noted the importance of public-private partnerships in driving economic reforms.The president said: “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.READ ALSO: President Tinubu urges governors to collaborate on food production, economic relief“We must increase our oil production to 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.”He announced measures which would run concurrently with the National Construction and Household Support Programme, to stabilise the economy, enhance job creation, and foster economic security.The measures under the Economic Stabilisation Programme include energy security, which includes power, oil and gas, and aims to increase on-grid electricity to be delivered to homes and businesses from about 4.5 gigawatts to 6 gigawatts in six months.It also aims at increasing oil production to 2 million barrels per day within the next 12 months and removing barriers to entry for investments into the sector to enhance competitiveness.Join the conversation OpinionsSupport Ripples Nigeria, hold up solutions journalismBalanced, fearless journalism driven by data comes at huge financial costs.As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.Donate Now
Tinubu mandates Presidential Council to strengthen economy
