Tinubu targets production of 2million bpd oil, 6GW electricity, 135m tonnes food

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On Thursday, President Tinubu announced a N2 trillion economic stabilization package alongside the National Construction and Household Support Programme.

The package aims to stabilize the economy, create jobs, and enhance economic security.

Investments include N350 billion in Health and Social Welfare, N500 billion in Agriculture and Food Security, N500 billion in Energy and Power, and N650 billion in general business support.

At the inauguration of the Presidential Economic Coordination Council (PECC), President Tinubu launched the Economic Stabilization Programme. He emphasis was on food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and economic transformation.

He stressed the importance of public-private partnerships in addressing Nigeria’s economic challenges, highlighting goals such as increasing electricity generation to 6 gigawatts and oil production to 2 million barrels per day.

The package includes plans to boost staple crop production, provide affordable medicines, expand healthcare insurance, support youth-owned enterprises, and offer low-cost financing for MSMEs.

A Mortgage Finance Acceleration Facility aims to construct 25,000 housing units. Vice-President Kashim Shettima and other key government and private sector figures are involved in driving these initiatives to resolve economic issues in 2024.

Business Day

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