In a significant development on Wednesday, President Bola Tinubu announced the establishment of the Presidential Economic Coordination Council. This council comprises high-ranking officials such as the Vice President, Senate President, and the Chairman of the Nigerian Governors Forum, along with 27 other members. This move is aimed at enhancing the economic governance framework of the nation, as stated by the Presidency in a release signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale.
Referred to as the ‘President Tinubu establishes comprehensive economic coordination and planning system for Nigeria,’ the initiative also involves members from the organized private sector, who will serve for a term of one year.
Additionally, Tinubu has appointed 19 individuals to the Economic Management Team Emergency Taskforce, a decision endorsed by the Federal Executive Council on Monday. Ngelale, in unveiling these economy-focused strategies, emphasized that the creation of both the PECC and the EET aims to ensure effective and coordinated economic planning and execution.
The composition of the PECC includes President Tinubu as Chairman, Vice Chairman Kashim Shettima, the President of the Nigerian Senate, the Chairman of Nigeria Governors’ Forum, the Coordinating Minister for the Economy and Minister of Finance, the Governor of the Central Bank of Nigeria, and various ministers overseeing key sectors.
The 13 private sector representatives who will serve for a year encompass prominent figures such as Aliko Dangote, Tony Elumelu, and other influential business leaders.
Furthermore, the establishment of the Economic Management Team Emergency Taskforce underscores Tinubu’s commitment to addressing immediate economic challenges and ensuring the efficient implementation of economic strategies to foster resilience and growth.
This taskforce is entrusted with formulating and executing a consolidated emergency economic plan to advance the President’s collaborative approach towards economic stability and progress.
Members of the EET include key government officials and industry leaders, mandated to convene frequently and deliver a comprehensive economic intervention plan for 2024 to the PECC. The implementation of this plan within a strict timeline is vital for achieving the administration’s economic goals.
Emphasizing the focus on swift implementation and assessment of critical initiatives in the coming months, the Presidential Spokesperson emphasized the necessity of a collective effort to drive Nigeria’s economic objectives forward.
Lastly, the creation of these taskforces and councils complements existing economic governance structures, signaling a strategic move to enhance Nigeria’s economic management framework for improved performance and results, as articulated in the statement released.