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, including:
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
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
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
Minister of Transportation
Minister of 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:
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
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:
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
Dr Suleyman Ndanusa, Economist
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.
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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
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
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.