President Bola Tinubu’s recent inauguration of the Presidential Economic Coordination Council (PECC) has sparked significant debate and concern among the populace. The Council, which includes top government officials, private sector titans like Aliko Dangote and Tony Elumelu, and consultants such as Bismarck Rewane, aims to strategize solutions for Nigeria’s current economic challenges.
While the establishment of such a council is ostensibly aimed at charting a course out of economic turmoil, many voices across the nation question the composition and objectives of the PECC. There is a palpable concern that the inclusion of only the wealthiest individuals from the private sector does not adequately represent the diverse economic interests and needs of all Nigerians.
“It is not compulsory that the top in the private sector should be among the council,” voices dissenting against the perceived elitism of the PECC argue. The concern is that these wealthy figures, while undoubtedly successful in their own right, may prioritize policies that safeguard and enhance their own fortunes rather than addressing broader economic inequalities.
Critics argue passionately that the time has come for the government to broaden its consultative base beyond the elite echelons of society. “It is high time the president start[s] hearing opinion[s] from the common people,” advocates assert, stressing that a truly democratic process should incorporate voices from all sectors of society, not just the privileged few.
Moreover, there are fears that the proposed N2 trillion economic stabilization package, intended to boost agricultural production and other sectors, might disproportionately benefit those already at the top of the economic ladder. Concerns persist that such funds could be allocated in ways that primarily promote the interests of a select few, rather than fostering an environment conducive to widespread economic growth and opportunity.
In conclusion, while the formation of the PECC reflects a proactive approach to economic management, the need for transparency, inclusivity, and equitable representation cannot be overstated. “Nigeria has crops of highly intelligent personality aside from the so called top billionaires,” advocates remind us, emphasizing that economic policies must prioritize the empowerment of all Nigerians, particularly those who aspire to contribute meaningfully to the nation’s economic resurgence.
As discussions around the PECC continue, it is imperative that the voices of ordinary Nigerians, entrepreneurs, and marginalized communities are not only heard but genuinely considered in shaping policies that impact the economic landscape of the nation.
This opinion piece reflects concerns raised by various segments of Nigerian society regarding the composition and potential impact of the PECC on economic policy formulation and implementation.
