Tinubu orders Presidential Council to strengthen economy

President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) with a mandate to strengthen the economy.

He also inaugurated the Economic Stabilization Program which aims to ensure food security, increase electricity supply, improve social welfare and health care, increase energy production, and overall economic transformation.

In his speech at an event held inside the Council Chamber 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 are facing energy security challenges in Nigeria. We need to work together to improve the oil and gas sector, and we also need to improve the generation and distribution of electricity across the country.

“We are determined to do that with your cooperation, collaboration and recommendations.

“As a nation, it is a shame that we are still generating 4.5GW of electricity.

“We must increase our oil production to 2 million barrels per day in the next few months and we are determined to remove all entry barriers to investment in the energy sector while increasing competitiveness.”

He announced measures that will run alongside the National Construction and Household Support Programme, to stabilise the economy, boost job creation and foster economic security.

The measures under the Economic Stabilization Program cover energy security, which includes electricity, oil and gas, and aim to increase electricity on the grid supplying homes and businesses from about 4.5 gigawatts to 6 gigawatts within six months.

It also aims to increase oil production to 2 million barrels per day in the next 12 months and remove entry barriers for investment in the sector to increase competitiveness.

Tinubu mandates Presidential Council to strengthen economy first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.