President Bola Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) to tackle the prevailing economic challenges in the country.
Presidential spokesman Ajuri Ngelale in a statement said the two bodies were a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.
The PECC is made up of President Bola Tinubu as Chairman and Vice-President Kashim Shettima as Vice-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 and other relevant Ministers.
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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.
Economists, Dr. Bismarck Rewane, and Dr. Suleyman Ndanusa, 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), 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.”
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.”
