In what has been described as a strategic move to strengthen the nation’s economic governance framework and ensure robust and coordinated economic planning and implementation, the Presidency has announced the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).
The President named Nigerian billionaires Aliko Dangote,
Tony Elumelu, Abdulsamad Rabiu and others as members.
A statement Issued by presidential spokesman, Ajuri Ngelale
said the establishment of the PECC and EET is in a strategic move to bolster
the nation’s economic governance frameworks and ensure robust and coordinated
economic planning and implementation.
The PECC comprises Tinubu as chairman and Vice President
Kashim Shettima as vice chairman. Members are 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 and Minister of Communications,
Innovation and Digital Economy.
Others are the 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 added that the PECC would 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.
They are 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.
Ngelale said in his determination to address immediate
economic challenges and ensure the streamlined execution of economic
strategies, Tinubu has established the EET with a mandate to formulate and
implement a consolidated emergency economic plan.
He said 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 (6) months,
for immediate implementation within two weeks of its inauguration,” he said.
He said the EET would meet twice weekly.
Members of the EET are 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, Minister of
Industry, Trade and Investment, Governor of the Central Bank of Nigeria,
National Security Adviser and the Chairman, Nigeria Governors’ Forum.
Others are the 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.
He said 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.
Ngelale said 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: 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 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.
“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,” Ngelale said.
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