In a significant move to address Nigeria’s economic challenges, Finance Minister and Coordinating Minister of the Economy Wale Edun Tinubu approved a N2 trillion accelerated stabilization and advancement plan on Thursday. This plan was presented during the inauguration of the Presidential Economic Coordination Council (PECC) at the State House in Abuja, three months after the formation of a 30-member committee aimed at reviving the economy in the short term.
“The sum of that very important exercise is a N2 trillion package involving N350 billion funding for health and social welfare, N500 billion funding for agriculture and food security, N500 billion for the energy and power sector, and general business support of about N650 billion,” Edun briefed journalists after the meeting.
Edun explained that PECC members were presented with the outcomes of President Bola Tinubu’s review of the accelerated stabilization and advancement plan. “It is an emergency plan to cover the next six months, which Mr. President had directed his economic team, the sub-nationals, and the private sector to put together for his consideration,” he said.
In addition to a range of policy and tax measures, the plan includes several executive orders signed by President Tinubu and currently being gazetted to ease the cost of doing business. Edun noted, “There are a number of funding initiatives which will reduce interest rates for certain sectors, particularly small and medium-scale enterprises, but also larger companies.”
The announcement comes at a time when the Nigerian economy faces serious challenges, with inflation reaching new highs following the removal of fuel subsidies and the floating of the naira. Labour unions are demanding improved wages, arguing that the cost of living has reached unprecedented levels.
Despite these challenges, Tinubu’s government has repeatedly called for patience, assuring Nigerians that its reforms will yield positive results soon.
