President Tinubu in a statement issued on Wednesday by his Media Centre said that the establishment of PECC and the EET is to bolster the nation'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) and the creation of the Economic Management Team Emergency Taskforce (EET).
President Tinubu in a statement issued on Wednesday by his Media Centre said that the establishment of PECC and the EET is to bolster the nation's economic governance frameworks and ensure robust and coordinated economic planning and implementation.
According to the statement, the Presidential Economic Coordination Council comprises leaders and key government officials including the President himself who serves as the Chairman of the PECC and the Vice President who is the Vice Chairman of the PECC/NEC Chairman.
Other members are the Senate President; 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 PECC will also comprise key members of the organized private sector, with the members joining for a period not exceeding one year, subject to the President’s directive.
The members include 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.
The Economic Management Team Emergency Taskforce is mandated 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 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 members including the Coordinating Minister for the Economy and Minister of Finance as the 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 and Governor of Anambra State.
Others are Governor of Ogun State; Governor of Niger State; Executive Chairman, Federal Inland Revenue Service; Director-General, Budget Office of the Federation Group Chief Executive Officer (GCEO) of NNPC Limited; Director-General, Nigeria Economic Summit Group; Special Adviser to the President on Energy; Dr. Bismarck Rewane (Economist) and Dr. Suleyman Ndanusa (Economist).
The Economic Management Team (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 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 officials including the Coordinating Minister for the Economy and Minister of Finance as the 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 and Minister of Works.
Others are 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 and 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.
According to the statement, 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.
It noted that 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, it said.