President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC) on Thursday at the Presidential Villa in Abuja. The council, which includes key government officials and prominent figures from the private sector, is tasked with injecting over N2 trillion into the Nigerian economy to stimulate growth and development.
The PECC is chaired by President Tinubu and will work alongside the Economic Management Team Emergency Taskforce (EET), led by the Coordinating Minister for the Economy and Minister of Finance. The EET has been charged with developing a comprehensive economic rescue plan for the country.
During the inauguration, President Tinubu directed specific fund allocations, including N250 billion for Health and Social Welfare and N500 billion for Energy and Power, among other sectors. These measures aim to provide immediate economic relief and lay the groundwork for sustainable growth.
Notable private sector members of the PECC include Aliko Dangote, Chairman of Dangote Group, and Tony Elumelu, Chairman of Heirs Holdings. The council also features key government officials such as Wale Edun, Minister of Finance and Coordinating Minister for the Economy, and Senator Atiku Bagudu, Minister of Budget and National Planning.
Addressing the press after the inauguration, Minister Wale Edun highlighted the diverse composition of the PECC, stating, “The president has just inaugurated the Presidential Economic Coordination Council, which includes the president’s Economic Management Team, leaders of the National Assembly, the Senate President, the Speaker of the House of Representatives, and representatives of the sub-nationals, including the chairman of the Nigerian Governors Forum, as well as elite members of the private sector.”
