President Bola Tinubu has greenlit establishing the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) to address Nigeria’s ongoing economic challenges.
According to presidential spokesman Ajuri Ngelale, these initiatives aim to strengthen the nation’s economic governance frameworks and ensure coordinated economic planning and implementation.
The PECC, chaired by President Tinubu with Vice-President Kashim Shettima as Vice-Chairman, comprises key stakeholders such as the President of the Nigerian Senate, Chairman of the Nigeria Governors’ Forum, Coordinating Minister for the Economy and Minister of Finance, Governor of the Central Bank of Nigeria, and other relevant ministers. Additionally, select members of the organized private sector, including Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Amina Maina, and Begun Ajayi-Kadir, will serve on the council for up to one year.
On the other hand, the EET, tasked with formulating and implementing an emergency economic plan, will be led by the Coordinating Minister for the Economy and Minister of Finance. Its members include the Governor of the Central Bank, National Security Adviser, governors of Anambra, Ogun, and Niger states, as well as representatives from key agencies and organizations like the Federal Inland Revenue Service, NNPC Limited, and the Nigeria Economic Summit Group. Notable economists such as Dr. Bismarck Rewane and Dr. Suleyman Ndanusa are also part of the team.
The EET must submit a comprehensive economic intervention plan for 2024 to the PECC within two weeks of its inauguration, focusing on the next six months.
Ngelale emphasized that these teams and the existing economic governance structures, like the Economic Management Team and the National Economic Council, aim to enhance Nigeria’s economic management for improved performance. He highlighted the EET’s focus on implementing critical initiatives over the next six months to advance Nigeria’s economic objectives under Tinubu’s leadership.
