By Cross Udo, Abuja
President Bola Tinubu yesterday announced the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET) comprising public and private sector economic policy experts across the board.
This was made public via a statement issued by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, in Abuja.
According to the presidential spokesman, the establishment of the economic team is a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
The Presidential Economic Coordination Council comprises distinguished leaders and key government officials, including the President of the Federal Republic of Nigeria – Chairman of the PECC, Vice-President of the Federal Republic of Nigeria- Vice-Chairman of the PECC/NEC Chairman, President of the Nigerian Senate and the Chairman, Nigeria Governors’ Forum.
Others are the 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, Minister of Budget and Economic Planning, Minister of Communications, Innovation and Digital Economy and Minister of Industry, Trade and Investment.
Also, members are the 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 the Minister of Works.
The statement revealed that the PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one year, subject to the President’s directive.
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 Agbaje, Mr Chidi Ajaere, Mr Abdulkadir Aliu and Mr Rasheed Sarumi.
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) with a mandate to formulate and implement a consolidated emergency economic plan.
The task force, chaired by Minister of Finance, Wale Edun, comprises key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth.
“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 statement said.
The EET will meet twice weekly and is composed of the 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, and Coordinating Minister of Health and Social Welfare
Others are the Minister of Industry, Trade and Investment, the Governor of the Central Bank of Nigeria, the National Security Adviser, the Chairman of the Nigeria Governors’ Forum, governors of Anambra, Ogun and Niger states.
Other members are the 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 statement further noted that “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).”
According to the statement, the EMT is composed of the Coordinating Minister for the Economy and Minister of Finance (EMT Chairman), the Governor of the Central Bank of Nigeria, the Minister of Budget and Economic Planning, the Minister of Industry, Trade and Investment, and the Minister of Communications, Innovation and Digital Economy.
Others are the Minister of Works, Minister of Labour and Employment, 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 as well as the Minister of Marine and Blue Economy.
It further disclosed that “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 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.”
