Tinubu Launches Economic Stabilization Program To Boost Nigeria’s Development Goals

President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council and introduced the Economic Stabilization Program to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production and overall economic transformation.

Speaking on Thursday at the inaugural meeting of the 31-member council in Abuja, Tinubu emphasized the need for creative solutions to address the country's economic challenges.

The president, who also served as chairman of the council, noted the importance of partnerships between the public and private sectors to boost the economic condition of the country.

"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," he said, as per the State House's official website.

"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."

Tinubu suggested increasing oil production to two million barrels per day within the next few months and removing all entry barriers to investments in the energy sector while enhancing competitiveness.

The president announced new measures alongside the National Construction and Household Support Program to stabilize the economy, boost job creation, and ensure economic security. Under the Economic Stabilization Program, the measures include Energy Security, Agriculture and Food Security, Health and Social Welfare and Fiscal Measures.

Vice-President Kashim Shettima, who serves as the vice-chairman of the council, highlighted the importance of the newly launched council and emphasized that Tinubu's focus was on finding solutions to Nigeria's economic issues rather than assigning blame.

"I want to emphasize that when there is a will, there is always a way, and the President does not believe in apportioning blame. He believes in preparing solutions," he said.

Coordinating Minister of the Economy and Minister of Finance Wale Edun gave a presentation outlining the key points of the Accelerated Stabilization and Advancement Plan submitted to the President.

The plan mentioned economic challenges that need to be addressed in 2024 by sub-committees focusing on agriculture and food security, energy (oil, gas, power), health and social welfare, and business support.

Earlier this week, the federal government teamed up with the Manufacturers Association of Nigeria (MAN) to develop a practical plan and policy framework aimed at revamping the country's manufacturing sector.