John Nwokocha
President Bola Tinubu on Wednesday approved the establishment of the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) aimed at addressing the current economic challenges confronting the country.
This was contained in a press statement issued by the Presidential spokesman, Ajuri Ngelale, a copy of which was made available to Africa Health Report.
According to Ngelale, both councils were a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
Membership of the PECC include, President Bola Tinubu as Chairman and Vice-President Kashim Shettima as Vice-Chairman.
Other 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 and other relevant Ministers.
The council will also have some members of the organized private sector, 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 among others.
The Economic Management Team Emergency Taskforce (EET) which is mandated to formulate and implement a consolidated emergency economic plan is expected to be led by the Coordinating Minister for the Economy and Minister of Finance.
Others members includes, Governor of the Central Bank, 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 and Special Adviser to the President on Energy.
Dr. Bismarck Rewane, Economist, and Dr. Suleyman Ndanusa, also an Economist, are members.
The EET is 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.
The statement also said the Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance will serve as the working group under the Presidential Economic Coordination Council (PECC) and playing a crucial role in the economic governance structure established by the President.
The statement explained 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.
Read the statement in part, “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”.
Ngelale noted 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.
SEE FULL LIST
(1) President of the Federal Republic of Nigeria – Chairman of the PECC
(2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman
(3) President of the Nigerian Senate
(4) Chairman, Nigeria Governors’ Forum
(5) Coordinating Minister for the Economy and Minister of Finance
(6) Governor of the Central Bank of Nigeria
(7) Minister of Agriculture and Food Security
(8) Minister of Aviation and Aerospace Development
(9) Minister of Budget and Economic Planning
(10) Minister of Communications, Innovation and Digital Economy
(11) Minister of Industry, Trade and Investment
(12) Minister of Labour and Employment
(13) Minister of Marine and Blue Economy
(14) Minister of Power
(15) Minister of State, Petroleum Resources
(16) Minister of State, Gas
(17) Minister of Transportation
(18) Minister of Works
The PECC will 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:
(1) Alhaji Aliko Dangote
(2) Mr. Tony Elumelu
(3) Alhaji Abdulsamad Rabiu
(4) Ms. Amina Maina
(5) Mr. Begun Ajayi-Kadir
(6) Mrs. Funke Okpeke
(7) Dr. Doyin Salami
(8) Mr. Patrick Okigbo
(9) Mr. Kola Adesina
(10) Mr. Segun Agbaje
(11) Mr. Chidi Ajaere
(12) Mr. Abdulkadir Aliu
(13) Mr. Rasheed Sarumi
Furthermore, in his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, President Bola Tinubu has established the Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan. The taskforce comprises 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. The EET will meet twice weekly and is composed of the following members:
(1) Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET)
(2) Minister of Budget and Economic Planning
(3) Minister of Power
(4) Minister of Agriculture and Food Security
(5) Coordinating Minister of Health and Social Welfare
(6) Minister of Industry, Trade and Investment
(7) Governor of the Central Bank of Nigeria
(8) National Security Adviser
(9) Chairman, Nigeria Governors’ Forum
(10) Governor of Anambra State
(11) Governor of Ogun State
(12) Governor of Niger State
(13) Executive Chairman, Federal Inland Revenue Service
(14) Director-General, Budget Office of the Federation
(15) GCEO, NNPC Limited
(16) Director-General, Nigeria Economic Summit Group
(17) Special Adviser to the President on Energy
(18) Dr. Bismarck Rewane, Economist
(19) Dr. Suleyman Ndanusa, Economist
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 following officials:
(1) Coordinating Minister for the Economy and Minister of Finance (EMT Chairman)
(2) Governor of the Central Bank of Nigeria
(3) Minister of Budget and Economic Planning
(4) Minister of Industry, Trade and Investment
(5) Minister of Communications, Innovation and Digital Economy
(6) Minister of Works
(7) Minister of Labour and Employment
(8) Minister of Agriculture and Food Security
(9) Minister of State, Petroleum Resources
(10) Minister of State, Gas
(11) Minister of Power
(12) Minister of Transportation
(13) Minister of Aviation and Aerospace Development
(14) 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.
