March 27, (THEWILL) – President Bola Ahmed Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).
A statement by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, said the initiative is a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
The PECC is chaired by the President of the Federal Republic of Nigeria.
Other members include the Vice-President, who will serve as Vice-Chairman/NEC Chairman; President of the Nigerian Senate, Chairman, Nigeria Governors’ Forum, Coordinating Minister for the Economy and Minister of Finance, Governor of the Central Bank of Nigeria, Minister of Agriculture and Food Security, Minister of Aviation and Aerospace Development, and Minister of Budget and Economic Planning.
The other members are Minister of Communications, Innovation and Digital Economy; Minister of Industry Trade and Investment; Minister of Labour and Employment; Minister of Marine and Blue Economy; Minister of Power, Minister of State, Petroleum Resources; Minister of State, Gas; Minister of Transportation, and Minister of Works.
The PECC will also comprise key members of the organised private sector, including Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaji, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi, whose membership will “not exceed one (1) year, subject to the President’s directive”.
Furthermore, in his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, President Bola Tinubu has established the Economic Management Team Emergency Taskforce (EET).
The mandate of the EET is to formulate and implement a consolidated emergency economic plan.
The taskforce comprises key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth.
According to the statement, “The EET is now mandated to submit a comprehensive plan of economic interventions for 2024 to the PECC, covering the next six (6) months, for immediate implementation within two weeks of its inauguration.”
The EET, which will meet twice weekly, is composed of the following members: Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET), Minister of Budget and Economic Planning, Minister of Power, Minister of Agriculture and Food Security, Coordinating Minister of Health and Social Welfare, Minister of Industry, Trade and Investment, Governor of the Central Bank of Nigeria, National Security Adviser, Chairman, Nigeria Governors’ Forum and Governor of Anambra State.
Others are the Governor of Ogun State, Governor of Niger State, Executive Chairman, Federal Inland Revenue Service; 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 Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, serves as the working group under the Presidential Economic Coordination Council (PECC), playing a crucial role in the economic governance structure established by the President. The EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate (six months).
The EMT is composed of the following officials: Coordinating Minister for the Economy and Minister of Finance (EMT Chairman), Governor of the Central Bank of Nigeria, Minister of Budget and Economic Planning, Minister of Industry, Trade and Investment, Minister of Communications, Innovation and Digital Economy, Minister of Works, and Minister of Labour and Employment.
Others are Minister of Agriculture and Food Security, Minister of State, Petroleum Resources, Minister of State, Gas, Minister of Power, Minister of Transportation, Minister of Aviation and Aerospace Development, and Minister of Marine and Blue Economy.
“The Chairman of the EMT may, as needed, call on any Federal Minister or Head of Agency to brief the EMT on key programmes and developments affecting the economy,” the statement added.
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.
“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,” the statement further said.
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