President Bola Tinubu established a 31-man Presidential Economic Coordination Council on Wednesday, which includes himself, the Vice President, Senate President, and the Chairman of the Nigerian Governors Forum. Tinubu also created a 19-member Economic Management Team Emergency Taskforce, tasked with meeting twice weekly and developing a comprehensive six-month economic intervention plan for 2024. The Federal Executive Council approved the Economic Management Team Emergency Taskforce on Monday. The President directed that the plan, covering the next six months, should be implemented immediately within two weeks of the team’s inauguration.
The Economic Management Team Emergency Taskforce comprises ministers, four governors, members of the economic management team, and private sector representatives. This team reports to the Presidential Economic Coordination Council, led by Tinubu. The PECC consists of 13 ministers, the Governor of the Central Bank of Nigeria, Yemi Cardoso, and the Chairman of the Nigeria Governors’ Forum, Governor Abdulrahman Abdulrazaq of Kwara State, among others. Thirteen individuals from the organized private sector, including Aliko Dangote, Tony Elumelu, and Abdulsamad Rabiu, also serve on the council for a one-year term.
The Presidency, through a statement signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, described this move as part of the administration’s efforts to enhance the nation’s economic governance framework. These initiatives follow the establishment of an economic advisory committee in February. Since assuming office ten months ago, the Tinubu administration has discontinued petrol subsidies and unified foreign exchange rates to address currency arbitrage. However, these actions initially led to naira devaluation and increased food prices, prompting the administration to take corrective measures.
Ngelale announced that the PECC and EET were established strategically to ensure robust economic planning and implementation in addressing challenges effectively. Members of the PECC include President Tinubu as Chairman, Vice-Chairman Kashim Shettima, and other key officials. The EET, chaired by the Coordinating Minister of the Economy and Minister of Finance, is tasked with formulating and implementing a consolidated emergency economic plan to drive economic resilience and growth. The EET will focus on executing crucial initiatives over the next six months, aligning with the administration’s economic objectives.
In conclusion, these newly established teams are designed to strengthen economic governance structures and promote improved economic performance under President Tinubu’s leadership.
