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).
This is part of the administration’s move to boost the nation’s economic, governance frameworks and ensure robust and coordinated economic planning and implementation.
A statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Wednesday in Abuja, said that the PECC comprises distinguished leaders and key government officials.
Members of the PECC include President Tinubu as Chairman, Vice President Kashim Shettima as Vice-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; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.
Others include Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.
The presidential spokesman said that PECC would also comprise key members of the organised private sector, with the following members joining for a period not exceeding one year, subject to the President’s directive:
The members representing the organised private sector include Chairman of Dangote Group, Aliko Dangote; UBA Chairman, Mr Tony Elumelu; BUA Founder, Abdulsamad Rabiu, Ms. Amina Maina, Mr Begun Ajayi-Kadir, Mrs Funke Okpeke and Dr Doyin Salami.
Other private-sector members of the PECC are Mr Patrick Okigbo, Mr Kola Adesina, Mr Segun Agbaje, Mr Chidi Ajaere, Mr Abdulkadir Aliu and Mr Rasheed Sarumi.
Ngelale said that Tinubu also established the Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan.
He said this was part of the President’s determination to address immediate economic challenges and ensure the streamlined execution of economic strategies.
He said that the taskforce comprised 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 months, for immediate implementation within two weeks of its inauguration.
The EET will meet twice weekly and is composed of the following members, the Coordinating Minister of the Economy and Minister of Finance who serves as Chairman, Minister of Budget and Economic Planning, Minister of Power, Minister of Agriculture and Food Security, Coordinating Minister of Health and Social Welfare, and Minister of Industry, Trade and Investment.
Others are the Governor of the Central Bank of Nigeria, National Security Adviser, Chairman, Nigeria Governors’ Forum, Governor of Anambra State, Governor of Ogun State, Governor of Niger State and 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, Economists, Dr Bismarck Rewane, Economist and Dr Suleyman Ndanusa, Economist are also members.
Ngelale said that the Economic Management Team was established in October 2023 and chaired by the Coordinating Minister for the Economy and Minister of Finance.
He said it 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 meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate of six months.
The EMT is composed of the following officials: Coordinating Minister for the Economy and Minister of Finance as EMT Chairman, Governor of the Central Bank of Nigeria, Minister of Budget and Economic Planning, Minister of Industry, Trade and Investment and Minister of Communications, Innovation and Digital Economy.
Other members are 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 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 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.
The unified strategy is 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.(NAN)
