AGS NEWS – The Federal Government has announced the results of its review of the accelerated stabilization and advancement plan, aiming to inject N2tn into the economy over the next six months.

President Bola Tinubu, on Thursday, expressed his administration’s commitment to increasing crude oil production to two million barrels per day and boosting electricity generation for Nigerians in the coming months.

He described the current levels of power generation and oil production in Nigeria as “shameful.”

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Tinubu made these remarks during the inauguration of a 31-member Presidential Economic Coordination Council at the Aso Rock Villa, Abuja.

The council, established three months ago, includes the Vice President, Senate President, the Chairman of the Nigerian Governors Forum, the Central Bank Governor, and key private sector figures such as Aliko Dangote and Tony Elumelu.

The council aims to enhance oil production and power generation while addressing barriers to investment in these sectors.

Despite being Africa’s largest oil producer, Nigeria has struggled to meet its OPEC production quotas, averaging only 1.25 million barrels per day in May 2024.

Power generation remains critically low at 4.5 gigawatts, insufficient for the country’s needs.

Tinubu emphasized the importance of partnering with the private sector to overcome these challenges and improve energy security.

He also highlighted the need for increased food security and infrastructure development, citing potential electricity generation from dams along the Sokoto-Badagry road.

The President presented the review outcomes, focusing on emergency funding for the Health, Agriculture, and Energy/Power sectors.

The Finance Minister, Wale Edun, outlined the allocation of N2tn: N350bn for Health, N500bn for Agriculture, and N500bn for Energy and Power, with N650bn for general business support.

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Aliko Dangote pledged substantial private sector investment in job-creating initiatives, expressing optimism about turning around Nigeria’s economy within a few months.

The council includes ministers from various sectors and private sector leaders, aiming to re-engineer the nation’s economic governance framework.

This initiative follows Tinubu’s previous economic measures, including discontinuing petrol subsidies and unifying foreign exchange rates, which have faced challenges but are seen as steps toward long-term stability.