Tinubu establishes two key economic committees to boast reforms

Kunle Sanni

In an effort to restructure the economy, President Bola Tinubu Wednesday established two key committees to ensure comprehensive coordination and implementation of the Federal Government’s plan.

They are the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET).

On Monday, the Federal Executive Council (FEC) approved the inauguration of two economy-focused initiatives. But a statement on Wednesday, Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, announced that the Presidential Economic Council Committee (PECC) will be led by President Tinubu and will consist of 31 members, including important government officials and members of the Organised Private Sector (OPS).

Olawale Edun, the Coordinating Minister of the Economy and Minister of Finance, is in charge of the EET.

According to Ngalale, the formation of the EET and PECC was a calculated decision meant to support the frameworks of economic governance and guarantee careful and well-coordinated planning and execution.

Vice President Kashim Shettima, the Senate President, the Chairman of the Nigeria Governors’ Forum, the Minister of Finance and Coordinating Minister for the Economy, the Governor of the Central Bank of Nigeria, the Ministers of Agriculture and Food Security, Aviation and Aerospace Development, and Budget and Economic Planning are among the other members in addition to President Tinubu.

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 Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Amina Maina, Begun Ajayi-Kadir, Funke Okpeke and Doyin Salami.

Others are Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu and Rasheed Sarumi.

In order to handle pressing economic issues and guarantee the efficient implementation of economic plans, President Tinubu also established the Economic Management Team Emergency Taskforce (EET).

According to Ngelale, the taskforce is made up of important government representatives and business executives and will develop and carry out a comprehensive emergency economic strategy.

He stated that the EET’s mandate is to present to the PECC, within two weeks of its inauguration, a complete plan of economic interventions for 2024 that spans the next six months, for urgent implementation.

The task group will meet twice a week, with Edun serving as chairman; other members include the Minister of Power; Minister of Budget and Economic Planning; 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 Coordinating Minister for the Economy and the Minister of Finance will chair the Economic Management Team, which was founded in October 2023 and will function as the PECC’s working group, “playing a crucial role in the economic governance structure established by the president.”

Ngelale said that for the period of the EET’s six-month mandate, the EMT, which normally meets monthly or as needed, will no longer meet.

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 comprise the Coordinating Minister for the Economy and Minister of Finance (EMT Chairman), CBN governor.

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.”

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