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) to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
The Presidential Economic Coordination Council (PECC) is chaired by the President while Vice President Kashim Shettima serve as the vice chairman.
Members of the council are the President of the Nigerian Senate, chairman of the Nigeria Governors’ Forum, Minister of Finance and Coordinating Minister of the Economy, Governor of the Central Bank of Nigeria (CBN), Minister of Agriculture and Food Security, Minister of Aviation and Aerospace Development and the Minister of Communications, Innovation and Digital Economy.
Others are the Minister of Budget and Economic Planning, Minister of Labour and Employment, Minister of Marine and Blue Economy, Minister of Power, Minister of Transportation, Minister of State for Petroleum Resources (Oil), Minister of State for Petroleum Resources (Gas), Minister of Works, and the Minister of Industry, Trade and Investment.
The Presidential Economic Coordination Council is also made up of key members of the organised private sector who would serve for a period not exceeding one year subject to the President’s directive.
They 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.
The President also established the Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan.
The taskforce, headed by the Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, comprises key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth.
The Economic Management Team Emergency Taskforce 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 Economic Management Team Emergency Taskforce will meet twice weekly and is composed of the following members: National Security Adviser, Minister of Budget and Economic Planning, Minister of Power, Minister of Agriculture and Food Security, Minister of Health and Coordinating Minister of Social Welfare, Governor of the Central Bank of Nigeria (CBN), chairman of Nigeria Governors’ Forum, and the Minister of Industry, Trade and Investment.
Others include Governor of Anambra State, Governor of Ogun State, Governor of Niger State, Executive Chairman of Federal Inland Revenue Service, Director-General of Budget Office of the Federation, GCEO of NNPC Limited, Director-General of Nigeria Economic Summit Group, Special Adviser to the President on Energy and two economists – Dr Bismarck Rewane and Dr Suleyman Ndanusa.
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 Minister of Finance and Coordinating Minister of the Economy as chairman while the Governor of the Central Bank of Nigeria (CBN), Minister of Budget and Economic Planning, Minister of Works, Minister of Labour and Employment, Minister of Agriculture and Food Security, Minister of Power, Minister of Transportation and the Minister of Industry, Trade and Investment.
Others include Minister of State for Petroleum Resources (Oil), Minister of State for Petroleum Resources (Gas), Minister of Aviation and Aerospace Development, Minister of Marine and Blue Economy, and the Minister of Communications, Innovation and Digital Economy.
Special Adviser to the President on Media and Publicity Chief Ajuri Ngelale said 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, was 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,” he said.
