In a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, 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).
In a statement on wednesday, Special Adviser to the President, (Media & Publicity), Ajuri Ngelale said the Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials, including:
President of the Federal Republic of Nigeria as the Chairman of the PECC and Vice-President of the Federal Republic of Nigeria, as Vice-Chairman of the PECC / NEC Chairman
Other members include, 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 and Minister of Agriculture and Food Security
Members of the PECC include, 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, Minister of Marine and Blue Economy, Minister of Power, Minister of State, Petroleum Resources, Minister of State, Gas and Minister of Transportation, Minister of Works
The PECC, according to Ngalale, will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one (1) 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
He added, “Furthermore, in his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, President Bola Tinubu has also established the Economic Management Team Emergency Taskforce (EET) with a mandate 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.”
:The EET,” Ngeale said, “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, Governor of Anambra State, 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:
(1) Coordinating Minister for the Economy and Minister of Finance (EMT Chairman)
(2) Governor of the Central Bank of Nigeria
(3) Minister of Budget and Economic Planning
(4) Minister of Industry, Trade and Investment
(5) Minister of Communications, Innovation and Digital Economy
(6) Minister of Works
(7) Minister of Labour and Employment
(8) Minister of Agriculture and Food Security
(9) Minister of State, Petroleum Resources
(10) Minister of State, Gas
(11) Minister of Power
(12) Minister of Transportation
(13) Minister of Aviation and Aerospace Development
(14) 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 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.
March 27, 2024
