President Bola Tinubu approved the setting up of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).
In a statement, Tinubu Spokesman, Ajuri Ngelale, yesterday made this known to the members of the public.
He highlighted that the PECC is made up of leaders and key government officials, and they include: President of the Federal Republic of Nigeria as Chairman of the PECC; Vice-President of the Federal Republic of Nigeria as 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; and Minister of Agriculture and Food Security.
Others 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; Minister of Transportation; and Minister of Works.
The statement, according to the president’s directives, noted that the members are expected to join PECC within a year.
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The members include: 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.
Moreso, it was noted that President Tinubu’s aim in setting up EET was to address immediate economic challenges and ensure the streamlined execution of economic strategies, with a mandate to formulate and implement a consolidated emergency economic plan.
The members of the taskforce consist of pivotal government officials and industry leaders who will collaborate with the President to achieve economic resilience and growth.
The members of the taskforce are: 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; and Governor of the Central Bank of Nigeria.
Others include: 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; Bismarck Rewane, economist; and Suleyman Ndanusa, economist.
Meanwhile, in October 2023, the Economic Management Team was created and chaired by the Coordinating Minister for the Economy and Minister of Finance, who serves as the working group under the Presidential Economic Coordination Council (PECC), executing an important role in the economic governance structure established by the President.
The report revealed that “the EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate (six months).”
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.
Members include: 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.
Furthermore, the statement reiterated that “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.”
