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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).
The establishment of the two bodies, according to a statement by presidential spokesperson, Ajuri Ngelale, is a strategic move to support the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
Ngelale said the PECC comprises distinguished leaders and key government officials.
The President is the Chairman of PECC while the Vice President and Chairman, National Economic Council (NEC) is the Vice Chairman of PECC.
Others members are the Senate President, Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance, Governor of 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 and Minister of Works.
Ngelale said the PECC will 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.
They are Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Ms. Amina Maina, Begun Ajayi-Kadir, Funke Okpeke, Doyin Salami, Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu and Rasheed Sarumi.
Meanwhile, in his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, Tinubu has established the Economic Management Team Emergency Taskforce (EET).
The taskforce, according to Ngelale, has a mandate to formulate and implement a consolidated emergency economic plan for the nation.
He said, in furtherance of the president’s collaborative approach toward achieving economic resilience and growth, the taskforce comprises key government officials and industry leaders.
Ngelale said the EET is 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 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 and the Minister of Industry, Trade and Investment as members.
Other members include the Governor of Central Bank of Nigeria, National Security Adviser, Chairman, Nigeria Governors’ Forum, and Governors of Anambra, Ogun and Niger States.
Executive Chairman, Federal Inland Revenue Service (FIRS); Director-General, Budget Office of the Federation; GCEO, NNPC Limited; Director-General, Nigeria Economic Summit Group; Special Adviser to the President on Energy, an economist, Dr. Bismarck Rewane, and Dr. Suleyman Ndanusa, another economist are also members of the EET.
Ngelale stressed 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.
He said the EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s sux months mandate.
“The EMT is composed of the Coordinating Minister for the Economy and Minister of Finance (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 and the 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,” Ngelale added .
He noted that the formation of these teams will complement existing economic governance structures, including the National Economic Council (NEC), which is chaired by the Vice President.
The presidential spokesperson further explained that 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.