Tinubu establishes comprehensive Economic Coordination Council to tackle hardship
As part of efforts to revamp Nigeria’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, 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).
President Tinubu, who assumed office last year, inherited a dwindling economy with record debt, high unemployment, low oil output, and power shortages which has left millions of citizens in untold hardship.
However, in a statement signed on Wednesday by Special Adviser to the President on Media & Publicity, Chief Ajuri Ngelale, the commitment of the president towards a better economy was again confirmed.
Ajuri noted that the PECC comprises eighteen distinguished leaders and key government officials, including: President of the Federal Republic of Nigeria as the Chairman while the Vice-President serves as Vice-Chairman of the PECC / NEC 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, 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, Minister of Industry, Trade and Investment, 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.
The statement also revealed that the PECC will as well comprise key members of the organized private sector, with members joining for a period not exceeding one (1) year, subject to the President’s directive.
The members are: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.
In his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, Ajuri disclosed that 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, according to the statement, 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:
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, 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, Special Adviser to the President on Energy, Dr. Bismarck Rewane, Economist and Dr. Suleyman Ndanusa, Economist.
Ajuri further noted that 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:
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, Minister of Labour and Employment, 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, Minister of Marine and Blue Economy.
The Statement added 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.
The formation of these teams will complement existing economic governance structures, including the National Economic Council (NEC), which is chaired by the Vice-President.
Also, 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.
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