Tinubu Inaugurates Economic Council, Targets 2 Million Barrels Per Day Oil Output
On Thursday, July 4, 2024, President Bola Tinubu inaugurated a 31-member Presidential Economic Coordination Council at the Aso Rock Villa, Abuja.
The members where inaugurated when the Federal Government disclosed the outcomes of its assessment of the accelerated stabilisation and advancement plan, which aims to inject N2 trillion into Nigeria’s economy within the next six months.
President Tinubu’s plan to boost the economy in the coming months includes a commitment to increase crude oil production to 2 million barrels per day and enhance electricity generation for Nigerians.
Thursday’s inauguration occurred three months after the President established the committee on March 27, 2024.
The committee includes the President, Vice President Kashima Shettima, Senate President Godswill Akpabio, Chairman of the Nigerian Governors Forum Governor Abdulrahman Abdulrazaq of Kwara State, and the Governor of the Central Bank of Nigeria, Yemi Cardoso.
Additionally, the PECC consists of 13 members from the private sector, such as Aliko Dangote, Chairman of Dangote Group; Tony Elumelu, Chairman of UBA; Abdulsamad Rabiu, Founder of BUA, among others, who will serve on the Council for a one-year term.
Addresing the private sector players, President Tinubu described the low power generation and crude oil output as shameful.
“As a nation, it is so shameful that we have about 4.5 gigawatts. We must increase our oil production too to 2 million barrels per day within the next few months. Remove all barriers hindering investments into the sector to enhance competitiveness. We’ve had a challenge thrown at us and all of us will have to be careful.”
Earlier, in a move to bolster Nigeria’s crude oil production and expand its reserves, NNPC Ltd declared a state of emergency on production within the country’s oil and gas sector.
“We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation,” Kyari said on Tuesday, July 2, 2024 during his keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja.
