The Federal Government has announced the results of its review of the rapid stabilisation and advancement plan, which aims to infuse N2 trillion into the economy over the next six months.
On Thursday, President Bola Tinubu stated that his administration is determined to raise crude oil production to two million barrels per day in the coming months and create more electricity for Nigerians.
He condemned Nigeria’s present power generation and crude oil production as “shameful”.
Tinubu made the remarks while inaugurating a 31-member Presidential Economic Coordination Council at the Aso Rock Villa in Abuja on Thursday.
Thursday’s inauguration comes three months after the President established the committee on March 27, 2024.
The committee includes himself, Vice President Kashima Shettima, Senate President Godswill Akpabio, the Chairman of the Nigerian Governors Forum, Governor Abdulrahman Abdulrazaq of Kwara State, and the Governor of the Central Bank of Nigeria, Yemi Cardoso.
The PECC also includes 13 people recruited from the organized private sector, including the Chairman of the Dangote Group, Aliko Dangote; UBA Chairman, Mr. Tony Elumelu; BUA Founder, Abdulsamad Rabiu, among others, who will serve on the Council for one year.
Tinubu told the private sector players, “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.
Despite being Africa’s largest oil producer, Nigeria has recently struggled to meet its OPEC production quotas.
The government has blamed challenges such as pipeline vandalism, oil theft and operational inefficiencies for the persistent shortfalls.
For instance, in May 2024, crude oil production averaged only 1.25 million barrels per day, well below its OPEC+ quota and the government’s target of 1.7 million bpd for budgetary purposes.
Despite being Africa’s largest oil producer, Nigeria has recently struggled to meet its OPEC production quotas.
The government has blamed challenges such as pipeline vandalism, oil theft and operational inefficiencies for the persistent shortfalls.
For instance, in May 2024, crude oil production averaged only 1.25 million barrels per day, well below its OPEC+ quota and the government’s target of 1.7 million bpd for budgetary purposes..
.Similarly, Nigeria’s power generation capacity has remained severely low—4.5 gigawatts—and is insufficient to meet the industrial needs of its nearly 200 million population. This has led to frequent power disruptions, restricting economic productivity.
Nonetheless, Tinubu says his administration is “determined” to collaborate with the private sector to tackle these challenges.
“In the face of it, we have a change in energy security; we must collaborate to include power, oil, and gas in order to boost the electrical supply on our own grid. We are determined to do this with your assistance, engagement, and recommendations,” he stated
Tinubu also presented the outcomes of his review of the accelerated stabilisation and advancement plan, which seeks to inject N2tn into the economy in the next six months.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who led selected members of the Council to brief State House Correspondents after the inauguration, said the Health, Agriculture and Energy/Power sectors would be prioritised in the emergency funding.
