Nigeria’s President Bola Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET), The DailyTimes reports.
This was contained in a statement signed by the President’s Spokesman, Ajuri Ngelale, in Abuja.
Ajuri noted that the approvals are sequel to a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
The statement noted that the PECC has President Tinubu as its Chairman, and Vice President Shettima as Vice Chairman of PECC and NEC.
Members are President of the Nigerian Senate, Chairman, Nigeria Governors’ Forum, Co-ordinating Minister for the Economy and Minister of Finance, Governor of the Central Bank of Nigeria, and the Minister of Agriculture and Food Security.
Others are Minister of Aviation and Aerospace Development, Minister of Budget and Economic Planning, Minister of Communications, Innovation, and Digital Economy, Minister of Industry, Trade and Investment, Minister of Labour and Employment, and Minister of Marine and Blue Economy.
It also includes the Minister of Power, Minister of State, Petroleum Resources, Minister of State, Gas, Minister of Transportation, and Minister of Works.
The statement explains that PECC will also comprise key members of the organised private sector, who will serve for a period not exceeding one year, subject to the President’s directive.
The incorporated members are Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabi’u, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, and Dr. Doyin Salami.
Others are Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.
According to the statement, Economic Management Team Emergency Taskforce, EET, has the mandate to formulate and implement a consolidated emergency economic plan.
It noted that the taskforce comprises key government officials and industry leaders in furtherance of the President’s collaborative approach towards achieving economic resilience and growth.
Accordingly, it is now mandated to submit a comprehensive plan of economic interventions for 2024 to the PECC, covering the next six months, for immediate implementation within two weeks of its inauguration.
The EET, which will meet twice weekly, has the Co-ordinating Minister for the Economy and Minister of Finance as Chairman of the EET, while Ministers of Budget and Economic Planning, Power, Agriculture and Food Security, and the Co-ordinating Minister of Health and Social Welfare as members.
Other members are the Minister of Industry, Trade and Investment, Governor of the Central Bank of Nigeria, National Security Adviser, Chairman, Nigeria Governors’ Forum, Governors of Anambra, Ogun, Niger States, and the Executive Chairman, Federal Inland Revenue Service.
It also includes Director-General, Budget Office of the Federation, GCEO, NNPC Limited, Director-General, Nigeria Economic Summit Group, Special Adviser to the President on Energy, Dr. Bismarck Rewane, Economist, and Dr. Suleyman Ndanusa, Economist.
The statement clarified that the Economic Management Team, established in October 2023, and chaired by the Co-ordinating Minister for the Economy and Minister of Finance, serves as the working group under the Presidential Economic Co-ordination Council (PECC), playing a crucial role in the economic governance structure established by the President.
It explained that the EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s six-month mandate.
The EMT is composed of the Co-ordinating Minister for the Economy and Minister of Finance as Chairman, while the members are the Governor of the Central Bank of Nigeria, Ministers of Budget and Economic Planning, Industry, Trade and Investment, Communications, Innovation and Digital Economy, Works, Labour and Employment, Agriculture and Food Security, and that of Petroleum Resources.
It includes the Ministers of State, Gas, Power, Transportation, Aviation and Aerospace Development, as well as that of Marine and Blue Economy
The statement also noted that the Chairman of the EMT has been given the mandate to summon any Federal Minister or Head of Agency to brief the EMT on key programmes and developments affecting the economy.
The President’s formation of the PECC, under his Chairmanship, alongside the creation of the EET, led by the Chairman of the EMT, and the EMT itself, is the manifestation of a unified strategy aimed at enhancing Nigeria’s economic management architecture for verifiably improved performance.
It reiterates that the formation of these teams will complement existing economic governance structures, including the National Economic Council, NEC, which is chaired by the Vice-President.
Over the next six months, the EET will focus on the rapid implementation, monitoring, and evaluation of critical initiatives, strengthening the Tinubu-led administration’s collective approach to advancing Nigeria’s economic objectives.
