By Tochukwu Bliss, Abuja
To bolster Nigeria’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, President Bola Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC).
The plan also includes the creation of the Economic Management Team Emergency Taskforce (EET).
A State House release by the President’s Media aide, Ajuri Ngelale, said the PECC comprises 18-member key government officials, and 13-man group from the organized private sector (OPS), who have a one-year tenure.
PECC members:
- 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
- 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
- Minister of Works
- Mr. 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
- Mr. Rasheed Sarumi
EET mandate
The statement explained that the EET is in efforts “to address immediate economic challenges and ensure the streamlined execution of economic strategies,” with a mandate to formulate and implement a consolidated emergency economic plan.
Like the PECC 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 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 EET will meet twice weekly, and its 19 members include:
- 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
- Dr. Suleyman Ndanusa, Economist
The coordinated system is in efforts “to address immediate economic challenges and ensure the streamlined execution of economic strategies.
Economic Management Team
The statement also noted that under the new economic system, the Economic Management Team (EMT), which traditionally meets monthly or as required, will now suspend its meetings for the duration of the EET’s mandate (six months).
The EMT, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, serves as the working group under the PECC, and plays a crucial role in the economic governance structure established by the President.
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 reads further: “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.”
It concluded 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.”
