FG plans N2tn economic revival scheme, inaugurates council
Written by admin on July 5, 2024
The Federal Government has presented the outcomes of its review of the accelerated stabilisation and advancement plan, which seeks to inject N2tn into the economy in the next six months.
President Bola Tinubu on Thursday said his administration is determined to, in the next few months, increase crude oil production to two million barrels per day and generate more electricity for Nigerians.
He described Nigeria’s current power generation and crude oil production as’ shameful’.
Tinubu said this when he inaugurated a 31-member Presidential Economic Coordination Council at the Aso Rock Villa, Abuja, on Thursday.
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.
Similarly, Nigeria’s power generation capacity has remained critically low—4.5 gigawatts- which is inadequate for the industrial needs of its over 200 million citizens. This has contributed to frequent power outages and stifling economic productivity.
Nonetheless, Tinubu says his administration is “determined” to partner with the private sector to overcome these hurdles.
“In the face of it, we have the change of energy security; we need to work together to include power, oil and gas to increase our own grid’s electricity. We are determined to do that with your cooperation, collaboration and recommendation.
