On Wednesday, President Bola Tinubu formed the Presidential Economic Coordination Council, including himself, the Vice President, Senate President, and the Chairman of the Nigerian Governors Forum, along with 27 others.
The Presidency announced that Wednesday’s action is part of his government’s efforts to restructure the country's economic governance framework.
The statement, titled ‘President Tinubu establishes comprehensive economic coordination and planning system for Nigeria,’ was released by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale.
The PECC also includes members from the organized private sector who will serve for one year.
Tinubu’s new formation also includes 19 other people to serve on the Economic Management Team Emergency Taskforce, which was approved by the Federal Executive Council on Monday.
Ngelale, who announced the economy-focused initiatives, said the establishment of the PECC and the EET is a strategic move to ensure strong and coordinated economic planning and implementation.
Members of the PECC include President Tinubu as Chairman, 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; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.
Other members include Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.
The 13 members representing the organized private sector for one year include Chairman of Dangote Group, Aliko Dangote; UBA Chairman, Mr. Tony Elumelu; BUA Founder, Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, and Dr. Doyin Salami.
Other private-sector members of the PECC are Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.
In addition, President Tinubu established the Economic Management Team Emergency Taskforce, which Ngelale said is part of his efforts to “address immediate economic challenges and ensure the streamlined execution of economic strategies.
The EET is tasked with creating and implementing a unified emergency economic plan as part of the President’s collaborative approach to achieving economic resilience and growth.
Members include the Coordinating Minister of the Economy and Minister of Finance who serves as Chairman, Minister of Budget and Economic Planning, Minister of Power, Minister of Agriculture and Food Security, Coordinating Minister of Health and Social Welfare, and Minister of Industry, Trade, and Investment.
Other members are the Governor of the Central Bank of Nigeria, National Security Adviser, Chairman, Nigeria Governors’ Forum, Governor of Anambra State, and Governor of Ogun State.
The Governor of Niger State, head of the Federal Inland Revenue Service, head of the Budget Office of the Federation, GCEO of NNPC Limited, head of the Nigeria Economic Summit Group, and special adviser to the President on Energy, along with economists Dr. Bismarck Rewane and Dr. Suleyman Ndanusa are also part of the team.
On its operations, Tinubu instructed the 19-member team to meet twice weekly and provide a detailed plan of economic actions for 2024 to the PECC.
The plan for the next six months will need to be put into action immediately within two weeks of the EET's start.
“During the next six months, the EET will concentrate on quickly implementing, monitoring, and evaluating important initiatives, enhancing the Tinubu-led administration's collective approach to advancing Nigeria’s economic goals,” said the Presidential Spokesperson.
Ngelale also revealed that the Economic Management Team, formed in October 2023, and headed by the Coordinating Minister for the Economy and Minister of Finance, Wale Edun, will serve as the working group under the PECC, “playing a crucial role in the economic governance structure established by the president.”
As a result, the Economic Management Team, which typically meets monthly or as needed, will suspend all meetings for the duration of the EET’s six-month mandate.
The EMT comprises the Coordinating Minister for the Economy and Minister of Finance, who served as its 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, and Minister of Labour and Employment.
Other members are the 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 presidential spokesman explained that “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 noted that 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, manifests 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, which is chaired by the Vice-President,” the statement said.
