President Bola Tinubu, on Wednesday, took very definite steps aimed at reviving the economy with the establishment of a comprehensive economic coordination and planning system for the country.
A statement issued by presidential spokesperson, Ajuri Ngelale, said three key economic committees were constituted, with the president heading a 31-man presidential economic coordination council, and Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, chairing a 19-man economic management team emergency taskforce and a 14-man economic management team.
Tinubu approved the constitution of the committees in a strategic move to bolster the country’s economic governance framework and ensure robust and coordinated economic planning and implementation.
Members of the Presidential Economic Coordination Council (PECC) included Tinubu as Chairman; Vice President Kashim Shettima, Vice-Chairman; President of the Senate; Chairman, Nigeria Governors’ Forum; Minister of Finance and Coordinating Minister of the Economy; Governor of the Central Bank of Nigeria; Minister of Agriculture and Food Security; Minister of Aviation and Aerospace Development; and Minister of Budget and Economic Planning.
Others were Minister of Communications, Innovation and Digital Economy; Minister of Industry, Trade and Investment; Minister of Labour and Employment; Minister of Marine and Blue Economy; Minister of Power; Minister of State, Petroleum Resources, Oil; Minister of State, Petroleum Resources, Gas; Minister of Transportation; and Minister of Works.
PECC, which was also made up of 13 key members of the organised private sector, joining for a period not exceeding one year, subject to the president’s directive, included Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, and Dr. Doyin Salami.
Equally on the membership of PECC from the private sector were Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.
In his determination to further address immediate economic challenges and ensure the streamlined execution of economic strategies, Tinubu established the Economic Management Team Emergency Taskforce (EET), with a mandate to formulate and implement a consolidated emergency economic plan.
The taskforce comprised key government officials and industry leaders in furtherance of the president’s collaborative approach toward achieving economic resilience and growth.
EET was mandated to submit a comprehensive plan of economic interventions for 2024 to PECC, covering the next six months, for immediate implementation within two weeks of its inauguration.
Membership of EET, which would meet twice weekly, included Minister of Finance and Coordinating Minister of the Economy (Chairman); Minister of Budget and Economic Planning; Minister of Power; Minister of Agriculture and Food Security; Minister of Health and Social Welfare; Minister of Industry, Trade and Investment; Governor of the Central Bank of Nigeria; National Security Adviser; Chairman, Nigeria Governors’ Forum; and Governor of Anambra State.
Other members were governors of Ogun and Niger states; Executive Chairman, Federal Inland Revenue Service; Director-General, Budget Office of the Federation; Group Chief Executive Officer (GCEO), Nigerian National Petroleum Company Limited (NNPCL); Director-General, Nigeria Economic Summit Group; Special Adviser to the President on Energy; Dr. Bismarck Rewane, Economist; and Dr. Suleyman Ndanusa, Economist.
Another 14-man Economic Management Team (EMT), established in October 2023, and chaired by the Minister of Finance and Coordinating Minister of the Economy, would serve as the working group under PECC, playing a crucial role in the economic governance structure established by the president.
EMT traditionally meets monthly or as required, but would now suspend its meetings for the duration of the EET’s mandate of six months.
Membership of the EMT include Minister of Finance and Coordinating Minister of the Economy (Chairman); Governor of the Central Bank of Nigeria; Minister of Budget and Economic Planning; Minister of Industry, Trade and Investment; and Minister of Communications, Innovation and Digital Economy.
Other members are Minister of Works; Minister of Labour and Employment; Minister of Agriculture and Food Security; Minister of State, Petroleum Resources, Oil; Minister of State, Petroleum Resources, Gas; Minister of Power; Minister of Transportation; Minister of Aviation and Aerospace Development; and Minister of Marine and Blue Economy.
Chairman of the EMT may, as needed, call on any minister or head of agency to brief the EMT on key programmes and developments affecting the economy.
The statement said the president’s formation of the new committees was “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.”
It said over the next six months, EET would focus on the rapid implementation, monitoring and evaluation of critical initiatives, and strengthening the federal government’s collective approach to advancing Nigeria’s economic objectives.
Deji Elumoye
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