President Tinubu approves establishment of Presidential Economic Coordination Council (PECC)
The president of Nigeria Ahmed Bola Tinubu has approved the establishment of Presidential Economic Coordination Council (PECC) and Economic Management Team Emergency Taskforce (EET) as part of his effort in making his administration participatory enough for qualified persons in policy planning.
This was, according to a report from the State House Presss Release, embarked upon in order to help foster coordinated national economic strategic planning system and monitoring for Nigeria’s prosperous progress.
Having unvieled various packages and policies, incorporating willing ministries and agencies into his economic plans for the nation, the president has since his ascension to power sought to tackle the economic challenges that have entangled the general welfare of Nigerian citizens.
The State House report said “The Presidential Economic Coordination Council (PECC)” is made up of 31 “distinguished leaders and key government officials,” including himself as the chairman of PECC.
List of the appointed PECC members are followers:
(1) President of the Federal Republic of Nigeria – Chairman of the PECC
(2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman
(3) President of the Nigerian Senate
(4) Chairman, Nigeria Governors’ Forum
(5) Coordinating Minister for the Economy and Minister of Finance
(6) Governor of the Central Bank of Nigeria
(7) Minister of Agriculture and Food Security
(8) Minister of Aviation and Aerospace Development
(9) Minister of Budget and Economic Planning
(10) Minister of Communications, Innovation and Digital Economy
(11) Minister of Industry, Trade and Investment
(12) Minister of Labour and Employment
(13) Minister of Marine and Blue Economy
(14) Minister of Power
(15) Minister of State, Petroleum Resources
(16) Minister of State, Gas
(17) Minister of Transportation
(18) Minister of Works
Also on the PECC list are “key members of the organized private sector” and this will be members who are joining only “for a period not exceeding one (1) year, subject to the President’s directive”.
1. Alhaji Aliko Dangote
2. Mr. Tony Elumelu
3. Alhaji Abdulsamad Rabiu
4. Ms Amina Maina
5. Mr. Begun Ajayi-Kadir
6. Mrs. Funke Okpeke
7. Dr. Doyin Salami
8. Mr. Patrick Okigbo
9. Mr. Kola Adesina
10. Mr. Segun Agbaje
11.Mr. Chidi Ajaere
12. Mr. Abdulkadir Aliu
13. Mr. Rasheed Sarumi
Additionally, going furthermore in his effort to tackle the present economic challenges, and ensure the streamlined execution of economic strategies, the president also declosed names of the appointed members of the Economic Management Team Emergency Taskforce (EET)
The Economic Management Team under the umbrella of (EET) are vested with the charge with to “formulate and implement a consolidated emergency economic plan”.
According to the report, they are selected from among key government officials and industry’s leaders to compliment the President’s collaborative approach to achieving economic viability and growth.
The report read, “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. The EET will meet twice weekly.”
Names of the appointed persons of the EET list are as follows:
1. Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET)
2. Minister of Budget and Economic Planning
3. Minister of Power
4. Minister of Agriculture and Food Security
5. Coordinating Minister of Health and Social Welfare
(6) Minister of Industry, Trade and Investment
7. Governor of the Central Bank of Nigeria
8. National Security Adviser
9. Chairman, Nigeria Governors’ Forum
10. Governor of Anambra State
1. Governor of Ogun State
12. Governor of Niger State
13. Executive Chairman, Federal Inland Revenue Service
14. Director-General, Budget Office of the Federation
15. GCEO, NNPC Limited
16. Director-General, Nigeria Economic Summit Group
17.Special Adviser to the President on Energy
18. Dr. Bismarck Rewane, Economist
19 Dr. Suleyman Ndanusa, Economist
Established in October 2023 and headed by the Coordinating Minister for the Economy and Minister of Finance, the Economic Management Team (EMT) serves as the working group under the Presidential Economic Coordination Council (PECC)
EMT plays a pivotal role in the “economic governance structure” approved and established by President Bola Tinubu.
“The EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate (six months). The EMT is composed of the following officials,” the official report informed.
Names of individuals on the list of the EMT members are as numbered below:
1. Coordinating Minister for the Economy and Minister of Finance (EMT Chairman)
2. Governor of the Central Bank of Nigeria
3. Minister of Budget and Economic Planning
4. Minister of Industry, Trade and Investment
5. Minister of Communications, Innovation and Digital Economy
6. Minister of Works
7. Minister of Labour and Employment
8. Minister of Agriculture and Food Security
9. Minister of State, Petroleum Resources
10. Minister of State, Gas
11. Minister of Power
12. Minister of Transportation
13. Minister of Aviation and Aerospace Development
14. Minister of Marine and Blue Economy.
The report also said, “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,” it highlighted.
“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.”
