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).

Ajuri Ngelale, special adviser to the president on media and publicity, disclosed this in a statement on Wednesday.

He said the PECC and EET initiative is a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.

Ngelale said the PECC headed by Tinubu, comprises distinguished leaders and key government officials.

The team consists of Vice-President Kashim Shetimma (vice-chairman of the PECC and NEC chairman); Senate President Godwill Akpabio; AbdulRahman AbdulRasaq, chairman of the Nigeria Governors’ Forum (NGF); Wale Edun, coordinating minister for the economy and minister of finance; Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), Abubakar Kyari, minister of agriculture and food security.

Other members are Festus Keyamo, minister of aviation and aerospace development; Atiku Bagudu, minister of budget and economic planning, Bosun Tijani, minister of communications, innovation and digital economy; Doris Azoka-Aniete, minister of industry, trade and investment; Simon Lalong, minister of labour and employment.

Also enlisted are Adegboyega Oyetola, minister of marine and blue economy; Adebayo Adebulu, minister of power; Heineken Lokpobiri, minister of state, petroleum resources; Ekperikpe Ekpo minister of state, gas; Jaji Sambo, minister of transportation; and David Umahi, minister of works.

According To Ngelale, the PECC will also comprise key members of the organised private sector, with the following members joining for a period not exceeding one year — subject to the president’s directive.

The private sector members include Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Amina Maina, Begun Ajayi-Kadir, Funke Okpeke, Doyin Salami, Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu and Rasheed Sarumi.

‘EET TO SUBMIT PLAN FOR 2024 ECONOMIC INTERVENTION’

Furthermore, Ngelale said Tinubu is determined to address immediate economic challenges and ensure the streamlined execution of economic strategies.

To this end, he said the president established the 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,” he added.

“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.”

Ngelale also said the EET would meet twice every week.

According to the statement, members of the EET include the minister of finance (chairman of the EET), minister of budget and economic planning, minister of power, minister of agriculture and food security, the chairman of the NGF, coordinating minister of industry, trade and investment; and the CBN governor.

Others are Nuhu Ribadu, national security adviser; minister of health and social welfare; Chukwuma Soludo, governor of Anambra; Dapo Abiodun, governor of Ogun; Muhammed Bago, governor of Niger; Zacch Adedeji, executive chairman of Federal Inland Revenue Service (FIRS), Ben Akabueze, director-general of the budget office of the federation; Mele Kyari, GCEO of NNPC Limited; director-general of the Nigeria Economic Summit Group; Olu Verheijen, special adviser to the president on energy, Bismarck Rewane, economist; and Suleyman Ndanusa, economist.

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‘EET TO IMPLEMENT ECONOMIC OBJECTIVES IN SIX MONTHS’

Meanwhile, the economic management team, chaired by Edun, was established in 2023, to serve as the working group under the PECC.

Ngelale said the team will play 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),” he said.

Officials that make up the EMT are Edun as chairman, Cardoso, Bagudu, Uzoka-Anite, Tijani, Umahi, Lalong, Kyari, Lokpobiri, Ekperikpe, Adelabu, Keyamo, and Oyetola.

Ngelale said the chairman of the EMT may, as needed, call on any minister or head of an agency to brief the team 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,” he said.

“The formation of these teams will complement existing economic governance structures, including the NEC, which is chaired by the Vice-President”.

Over the next six months, Ngelale said, 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”.