President Bola Ahmed Tinubu has given his approval for the establishment of the Presidential Economic Coordination Council (PECC) and the formation of the Economic Management Team Emergency Taskforce (EET).

In a statement released on Wednesday by the President’s spokesperson, Ajuri Ngelale, it was highlighted that these approvals were made in a strategic move to strengthen the nation’s economic governance frameworks and ensure effective and coordinated economic planning and execution.

The statement outlined that the PECC, chaired by President Tinubu with Vice President Shettima as the vice chairman, consists of various key members. These include the President of the Nigerian Senate, the Chairman of the Nigeria Governors’ Forum, the Coordinating Minister for the Economy and Minister of Finance, the Governor of the Central Bank of Nigeria, and the Minister of Agriculture and Food Security.

Additionally, the council comprises the Minister of Aviation and Aerospace Development, the Minister of Budget and Economic Planning, the Minister of Communications, Innovation, and Digital Economy, the Minister of Industry, Trade and Investment, the Minister of Labour and Employment, and the Minister of Marine and Blue Economy. The list also includes the Minister of Power, the Minister of State (Petroleum Resources), the Minister of State (Gas), the Minister of Transportation, and the Minister of Works.

The statement further explained that the PECC would also incorporate key members from the private sector, who will serve for a period not exceeding one year, as directed by the President. These incorporated members consist of Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, and Dr. Doyin Salami. Additionally, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi are also part of the council.

The statement also highlighted the mandate of the Economic Management Team Emergency Taskforce (EET), which is to develop and implement a comprehensive emergency economic plan. Comprising government officials and industry leaders, the taskforce aligns with the President’s collaborative approach to achieve economic resilience and growth.

According to the statement, the EET has been entrusted with the responsibility of presenting a comprehensive plan of economic interventions for 2024 to the PECC. The plan should cover the next six months and be ready for immediate implementation within two weeks of the taskforce’s inauguration.