IPresident Bola Tinubu has taken a strategic step by approving the establishment of the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) to address Nigeria’s current economic challenges.
The announcement was made by Presidential spokesman Ajuri Ngelale in a statement, highlighting the goal of strengthening the nation’s economic governance frameworks for effective planning and implementation.
The PECC, chaired by President Tinubu with Vice-President Kashim Shettima as Vice-Chairman, comprises key leaders including 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. Notably, members from the organized private sector such as Alhaji Aliko Dangote and Mr. Tony Elumelu will also contribute their expertise.
On the other hand, the EET, tasked with formulating and executing an emergency economic plan, will be led by the Coordinating Minister for the Economy and Minister of Finance. Its members include top officials, governors, industry leaders, and economists like Dr. Bismarck Rewane and Dr. Suleyman Ndanusa.
The EET is mandated to deliver a comprehensive economic intervention plan for 2024 to the PECC within two weeks of its inauguration, focusing on immediate implementation for the next six months.
Ngelale emphasized the collaborative nature of these councils, aiming to enhance economic management structures and achieve improved performance in advancing Nigeria’s economic objectives. This initiative complements existing economic governance structures, including the National Economic Council (NEC) chaired by the Vice-President.
Over the next six months, the EET will concentrate on swift implementation, monitoring, and evaluation of crucial initiatives, aligning with President Tinubu’s vision for a resilient and prosperous Nigerian economy.
