THUR, MAR 28 2024-theGBJournal|President Bola Ahmed Tinubu on Wednesday announced the set up of an Economic Management Team Emergency Taskforce (EET), part of his determination to address Nigeria’s immediate economic challenges and ensure the streamlined execution of economic strategies for the Nigeria.
The taskforce comprises key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth.
The EET is mandated to submit a comprehensive plan of economic interventions for 2024 to the Presidential Economic Coordination Council (PECC), covering the next six months, for immediate implementation within two weeks of its inauguration.
The composition of the PECC was also announced yesterday. It is a stategic body tasked with bolstering the nation’s economic governance frameworks and ensuring robust and coordinated economic planning and implementation.
The Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, will now serve as the working group under the Presidential Economic Coordination Council (PECC), playing a crucial role in the economic governance structure established by the President.
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 Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials including the President himself, Vice President, President of the Nigerian Senate, Chairman of the Nigeria Governor’s Forum as well as Central Bank Governor and the Coordinating Minister for the Economy and Minister of Finance among others.
The PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one (1) year, subject to the President’s directive:
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 and Mr. Kola Adesina.
It also includes Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu and Mr. Rasheed Sarumi
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 President noted that 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.
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