President Bola Ahmed Tinubu has constituted new economic management teams named “Presidential Economic Coordination Council” (PECC) and “Economic Management Team Emergency Taskforce” (EET) with him as chairman while the chairman of the Nigeria Governor’s Forum; business top brass, technocrats in both private and public sectors as well as others are members.
In a statement today, March 27, the Presidential spokesperson, Ajuri Ngelare said that the PECC is made up of distinguished leaders and key government officials, including him, the President as chairman.
Others are Vice-President as Vice-Chairman, the President of the Senate, Chairman of the Nigeria Governors’ Forum, Coordinating Minister for the Economy and Minister of Finance, Governor of the Central Bank of Nigeria and Minister of Agriculture and Food Security
Others are 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 PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one (1) year, subject to the President’s directive:
(1) Alhaji Aliko Dangote
(2) Mr. Tony Elumelu
(3) Alhaji Abdulsamad Rabiu
(4) Ms. Amina Maina
(5) Mr. Begun Ajayi-Kadir
(6) Mrs. Funke Okpeke
(7) Dr. Doyin Salami
(8) Mr. Patrick Okigbo
(9) Mr. Kola Adesina
(10) Mr. Segun Agbaje
(11) Mr. Chidi Ajaere
(12) Mr. Abdulkadir Aliu
(13) Mr. Rasheed Sarumi
“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 months, for immediate implementation within two weeks of its inauguration.
“The EET will meet twice weekly and is composed of the following members:
(1) Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET)
(2) Minister of Budget and Economic Planning
(3) Minister of Power
(4) Minister of Agriculture and Food Security
(5) Coordinating Minister of Health and Social Welfare
(6) Minister of Industry, Trade and Investment
(7) Governor of the Central Bank of Nigeria
(8) National Security Adviser
(9) Chairman, Nigeria Governors’ Forum
(10) Governor of Anambra State
(11) Governor of Ogun State
(12) Governor of Niger State
(13) Executive Chairman, Federal Inland Revenue Service
(14) Director-General, Budget Office of the Federation
(15) GCEO, NNPC Limited
(16) Director-General, Nigeria Economic Summit Group
(17) Special Adviser to the President on Energy
(18) Dr. Bismarck Rewane, Economist
(19) Dr. Suleyman Ndanusa, Economist.”
The statement said 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:
(1) Coordinating Minister for the Economy and Minister of Finance (EMT Chairman)
(2) Governor of the Central Bank of Nigeria
(3) Minister of Budget and Economic Planning
(4) Minister of Industry, Trade and Investment
(5) Minister of Communications, Innovation and Digital Economy
(6) Minister of Works
(7) Minister of Labour and Employment
(8) Minister of Agriculture and Food Security
(9) Minister of State, Petroleum Resources
(10) Minister of State, Gas
(11) Minister of Power
(12) Minister of Transportation
(13) Minister of Aviation and Aerospace Development
(14) Minister of Marine and Blue Economy
“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.”
The statement said that over the next six months, the EET will focus on the rapid implementation, monitoring and evaluation of critical initiatives, strengthening the administration’s collective approach to advancing Nigeria’s economic objectives.
