President Bola Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).
Special Adviser to the President on Media and Publicity, Ajuri Ngelale disclosed this in a Wednesday statement.
Ngelale said the president’s decision was a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
The presidential spokesman said the PECC comprised distinguished leaders and key government officials, including: President of the Federal Republic of Nigeria – Chairman of the PECC; Vice-President of the Federal Republic of Nigeria – 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; Minister of Agriculture and Food Security; Minister of Aviation and Aerospace Development; Minister of Budget and Economic Planning; Minister of Communications, Innovation and Digital Economy; and Minister of Industry, Trade and Investment.
Others are 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.
Ngelale said the PECC also comprised some key members of the organised private sector, with members joining for a period not exceeding one year, subject to the president’s directive.
He identified them as 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, and Mr. Kola Adesina.
Others are Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu and 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.
Ngelale said the EET will meet twice weekly.
The EET comprises 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, Governor of the Central Bank of Nigeria, National Security Adviser, and Chairman, Nigeria Governors’ Forum.
Others are 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, Dr. Bismarck Rewane (Economist) and Dr. Suleyman Ndanusa (Economist).
Ngelale said 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.
He noted that the EMT traditionally meets monthly or as required but will now suspend its meetings for the duration of the EET’s mandate, which is six months.
Highlighting membership of the EMT, Ngelale said its chairman 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 presidential spokesman said.
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