Tinubu establishes Economic Coordination Teams

This is part of  the administration’s move to boost the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.

This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Wednesday in Abuja.

Ngelale said that the Presidential Economic Coordination Council comprises the President as Chairman while his vice will deputise.

Others are the President of the Nigerian Senate, Chairman, Nigeria Governors Forum, the Coordinating Minister for the Economy and Minister of Finance, and the Governor of the Central Bank.

Others are the Minister of Agriculture and Food Security, Minister of Aviation and Aerospace Development, Minister of Budget and Economic Planning, and Minister of Communications, Innovation and Digital Economy.

The PECC also has the Minister of Industry, Trade and Investment, Minister of Labour and Employment, Minister of Marine and Blue Economy, Minister of Power, Minister of Works, Minister of Transportation, and the Minister of State, Petroleum Resources, and that of Gas.

The presidential spokesman said that PECC would 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 members from the private sector are: Alhaji Aliko Dangote, Mr Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr Begun Ajayi-Kadir, Mrs Funke Okpeke, Dr Doyin Salami, Mr Patrick Okigbo, Mr Kola Adesina, Mr Segun Agbaje, Mr Chidi Ajaere, Mr Abdulkadir Aliu, and Mr Rasheed Sarumi.

Ngelale said that the new Economic Management Team Emergency Taskforce (EET) has the mandate to formulate and implement a consolidated emergency economic plan to address immediate economic challenges and streamline execution of economic strategies.

He said that the taskforce comprised key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth.

The EET is now mandated 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.

The EET will meet twice weekly and will be chaired by the Coordinating Minister for the Economy and Minister of Finance.

The members include Minister of Budget and Economic Planning, Minister of Power, Minister of Agriculture and Food Security, Coordinating Minister of Health and Social Welfare, Minister of Industry, Trade and Investment, Governor of the Central Bank, National Security Adviser, and Chairman, Nigeria Governors Forum.

Also on the team are the Governors of Anambra, Ogun and Niger States, the Executive Chairman, Federal Inland Revenue Service, Director-General, Budget Office, GCEO, NNPC Limited, Director-General, Nigeria Economic Summit Group, the Special Adviser to the President on Energy, and two economist, Dr Bismarck Rewane and Dr Suleyman Ndanusa.

Ngelale also said the Economic Management Team (EMT) established in October 2023 and chaired by the Coordinating Minister for the Economy and Minister of Finance, serves as the working group under the PECC, playing a crucial role in the economic governance structure of the country.

The EMT meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate of six months.

The EMT members include Governor of the Central Bank, Minister of Budget and Economic Planning, that of Minister of Industry, Trade and Investment, and the Minister of Communications, Innovation and Digital Economy.

Other ministers on the team are that of Works; Labour and Employment; Agriculture and Food Security; Petroleum Resources; Gas; Power; Transportation; Aviation and Aerospace Development; and Marine and Blue Economy.

The Chairman of the EMT has been mandated to call any Minister or Head of federal 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.