Tinubu injects N2tr to stimulate economy

The Finance Minister and Coordinating Minister of the Economy, Wale Edun Tinubu, gave his approval yesterday while introducing an accelerated stabilization and progress strategy.

He revealed the idea when launching the Presidential Economic Coordination Council (PECC) at the State House in Abuja, three months after a 30-member group was formed to resuscitate 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,” the minister briefed journalist after the meeting.

“They (PECC members) were presented with the outcomes of Mr. President’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.

“In addition to a range of policy and tax measures, there is a range of executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business. There are a number of funding which will reduce the cost of interest rates for certain sectors, small and medium scale in particular, but also larger companies.”

The action comes as the Nigerian economy faces major issues and inflation has reached new highs following the removal of gasoline subsidies and the floating of the naira.

Labour unions are demanding higher salaries, arguing that the cost of living hit new levels.

However, Tinubu’s government has consistently pleaded for patience and told Nigerians that its reforms will bear fruit soon.