President Bola Ahmed Tinubu has taken a strategic step to strengthen Nigeria's economic governance frameworks and ensure effective economic planning and implementation. The President has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).
The PECC consists of prominent leaders and key government officials, including the President of Nigeria as Chairman, the Vice-President as Vice-Chairman/NEC Chairman, the President of the Nigerian Senate, and the Chairman of the Nigeria Governors' Forum. Other members include the Coordinating Minister for the Economy and Minister of Finance, the Governor of the Central Bank of Nigeria, and various ministers responsible for key sectors such as agriculture, aviation, industry, trade and investment, labor and employment, power, petroleum resources, transportation, and works.
In addition, the PECC will include members from the private sector, including renowned individuals such as Aliko Dangote, Tony Elumelu, and Abdulsamad Rabiu. Their inclusion aims to promote collaboration between the government and the private sector in driving economic growth and resilience.
To address immediate economic challenges and ensure the efficient execution of economic strategies, President Tinubu has established the EET. The taskforce is responsible for formulating and implementing a consolidated emergency economic plan. Its membership comprises key government officials and industry leaders. The EET will submit a comprehensive plan of economic interventions for the next six months to the PECC for immediate implementation shortly after its inauguration.
The EET consists of the Coordinating Minister for the Economy and Minister of Finance as Chairman, along with ministers responsible for budget and economic planning, power, agriculture and food security, health and social welfare, industry, trade and investment, the Governor of the Central Bank of Nigeria, the National Security Adviser, and governors from Anambra, Ogun, and Niger states. Other members include representatives from the Federal Inland Revenue Service, the Budget Office of the Federation, NNPC Limited, the Nigeria Economic Summit Group, as well as economists Dr. Bismarck Rewane and Dr. Suleyman Ndanusa.
The Economic Management Team will serve as the working group under the PECC and will be chaired by the Coordinating Minister for the Economy and Minister of Finance. Its responsibilities include providing support to the PECC and briefing the team on key programs and developments affecting the economy. Monthly meetings will be suspended for the duration of the EET's mandate.
President Tinubu's establishment of these economic coordination and planning systems demonstrates a unified approach to enhance Nigeria's economic management architecture. The PECC, EET, and EMT are designed to work in tandem with existing economic governance structures, such as the National Economic Council.
Over the next six months, the EET will prioritize the rapid implementation, monitoring, and evaluation of critical initiatives, contributing to the government's efforts to achieve its economic objectives.