President Bola Tinubu has approved the formation of the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) to address the country’s current economic issues.
In a statement, presidential spokesman Ajuri Ngelale said the two groups were a strategic move to strengthen the country’s economic governance structures and ensure robust and integrated economic planning and implementation.
The PECC is led by President Bola Tinubu and Vice-President Kashim Shettima.
Other members include the President of the Nigerian Senate, the Chairman of the Nigeria Governors’ Forum, the Coordinating Minister for the Economy and Finance, the Governor of the Central Bank of Nigeria, and other important 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.about:blank
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.
Ngelale also said 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,” he said.
According to him, 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.”
