To rejig the economy, two committees for ensuring comprehensive coordination and implementation of the Federal Government’s plan were yesterday set up by President Bola Ahmed Tinubu.
They are the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET).
Their inauguration followed their approval by the Federal Executive Council (FEC) on Monday.
Announcing the two economy-focused initiatives in a statement, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said the PECC, which will be chaired by President Tinubu, will consist of 31 members made up of key government officials and members of Organised Private Sector (OPS).
The EET is headed by the Minister of Finance and Coordinating Minister of the Economy Mr Olawale Edun.
He said the setting up of the PECC and EET was a strategic move to bolster the economic governance frameworks and ensure robust and coordinated planning and implementation.
Apart from President Tinubu (Chairman), other members are Vice President Kashim Shettima (Vice-Chairman); Senate President; Chairman, Nigeria Governors’ Forum; Minister of Finance and Coordinating Minister for the Economy; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security, Aviation and Aerospace Development and Budget and Economic Planning.
Others 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 PECC’s 13 key members of the organised private sector will serve on the committee for a period not exceeding one year, subject to the President’s directive.
They include Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke and Dr. Doyin Salami.
Others are Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu and Mr. Rasheed Sarumi.
President Tinubu also established the Economic Management Team Emergency Taskforce (EET), which underscored his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies.
Ngelale said the taskforce, which will formulate and implement a consolidated emergency economic plan, comprises key government officials and industry leaders.
It said the EET has the mandate to submit a comprehensive plan of economic interventions for 2024 to the PECC covering the next six months, for immediate implementation within two weeks of its inauguration.
Members of the task force, which will meet twice weekly, include Edun (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.
Others are CBN Governor, National Security Adviser, Chairman, Nigeria Governors’ Forum; Governors of Anambra, Ogun State and Niger states; Executive Chairman, Federal Inland Revenue Service; Director-General, Budget Office of the Federation; GCEO, NNPC Limited; Director-General, Nigeria Economic Summit Group; Special Adviser to the President on Energy, and economists Dr. Bismarck Rewane and Dr. Suleyman Ndanusa.
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 PECC, “playing a crucial role in the economic governance structure established by the president.”
According to Ngelale, the EMT, which traditionally meets monthly or as required, will now suspend its meetings for the duration of the EET’s six-month mandate.
The EMT is made up of the Coordinating Minister for the Economy and Minister of Finance (EMT Chairman), CBN governor; 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 statement added: “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.
“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.
“Over the next six months, 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.”