President Bola Tinubu has expressed displeasure over the level of electricity generation in the country, describing it as shameful.
Tinubu said this at the inaugural meeting of the 31-member Presidential Economic Coordination Council (PECC) at the Presidential Villa in Abuja on Thursday, July 4, 2024.
The president, who chairs the PECC, underscored the need for innovative solutions to the country’s economic challenges.
He noted the importance of public-private partnerships in driving economic reforms.
He said: “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.
“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.
“We must increase our oil production to two million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness.”
President Tinubu further announced measures, which would run concurrently with the National Construction and Household Support Programme, to stabilise the economy, enhance job creation, and foster economic security.
The measures under the Economic Stabilisation Programme included energy security, agriculture and food security, health and social welfare, and fiscal measures.
Tinubu added that the fiscal measures will improve access to finance for MSMEs and, in the process, create 4.7 million direct and indirect jobs over a six to 12-month period.
Emphasising the significance of the task ahead, Vice President Kashim Shettima, who is the Vice Chairman of the PECC, stated that Tinubu was committed to proffering solutions to the nation’s economic challenges and not apportioning blame.
“I want to emphasise 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,” Shettima said.
