President Bola Ahmed Tinubu on Wednesday approved the establishment of a Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).

The Presidential Economic Coordination Council (PECC) is made up of 31 distinguished leaders and key government officials, including:

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
and the Minister of Budget and Economic Planning

Others include 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 the
Minister of Works

According to Chief Ajuri Ngelale, Special Adviser to the President, Media & Publicity, 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:

They are Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms Amina Maina, Segun Ajayi-Kadir, Funke Okpeke, Doyin Salami, Patrick Okigbo, Mr. Kola Adesina, Mr.Segun Agbaje, Mr. Chidi Ajaere, Alhaji Abdulkadir Aliu
and Alhaji Rasheed Sarumi.

Chief Ngelale said: “Furthermore, 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 task force comprises key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth”, he said.

Chief Ngelale said the EET 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 adding that 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 and Governor of Niger State

Others include 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 ,Mr. Bismarck Rewane, an Economist and Mr. Suleyman Ndanusa, an Economist

According to Chief Ngelale,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.

Others include Minister of State, Gas, Minister of Power, Minister of Transportation, Minister of Aviation and Aerospace Development and Minister of Marine and Blue Economy

According to him, 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.

He said 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.

Chief Ngelale said :”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”.