The establishment of the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) has been approved by President Bola Ahmed Tinubu.
The teams are to tackle the prevailing economic challenges in the country.
This was revealed by the Presidential spokesman, Ajuri Ngelale, in a statement which he said the establishment of the two bodies were a strategic move to reinforce the economic governance structure of the country and ensure a jacked 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.
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 are members of the team.
Subject to the order of the President, the council will have some members of the organized private sector joining for a period not exceeding one (1) year.
They are, Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir among others.
With the mandate to hatch and execute a consolidated emergency economic plan, the team is expected to be led by the Coordinating Minister for the Economy and Minister of Finance, Wale Edun.
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.
Dr. Bismarck Rewane, and Dr. Suleyman Ndanusa, renowned economists are members.
The EET is tasked with submitting a well-defined 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 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.
“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.”
