In furtherance of his administration’s efforts at re-engineering the nation’s economic governance framework, President Bola Tinubu has established the Presidential Economic Coordination Council (PECC).
President Tinubu has also created the Economic Management Team Emergency Taskforce (EET), which was approved by the Federal Executive Council (FEC) on Monday.
Announcing the two economy-focused initiatives in a statement on Wednesday, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said the PECC, which will be chaired by President Tinubu himself, will consist of 31 members, made up of key government officials and members of the organized private sector.
According to the statement, the setting up of the PECC and the EET is a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
Membership of the PECC includes President Tinubu as Chairman, Vice President Kashim Shettima, Vice-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; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.
Others include Ministers of Communications, Innovation, and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.
The PECC, which also comprise 13 key members of the organized private sector, joining for a period not exceeding one year, subject to the President’s directive include Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Ms. Amina Maina, Begun Ajayi-Kadir, Mrs. Funke Okpeke and Dr. Doyin Salami.
Other PECC members from the private sector are Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu and Rasheed Sarumi.
Meanwhile, President Tinubu also established the Economic Management Team Emergency Taskforce (EET), which the statement said, is in his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies.
It informed that the task force with the mandate to formulate and implement a consolidated emergency economic plan comprises key government officials and industry leaders.
It said the EET 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 membership of the task force, which will meet twice weekly, includes the Coordinating Minister for the Economy and Minister of Finance, who is the Chairman, 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.
Others are Governor of the Central Bank of Nigeria, National Security Adviser, Chairman, Nigeria Governors’ Forum, Governor of Anambra State, and Governor of Ogun State.
The rest are 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.
The statement said that 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 PECC, “playing a crucial role in the economic governance structure established by the president.”
The statement said the EMT, which traditionally meets monthly or as required, will now suspend its meetings for the duration of the EET’s six-month mandate.
The EMT is made up of 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, and Minister of Labour and Employment.
Other members are 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.
The statement added: “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”, the statement said.