President Bola Tinubu announced significant measures on Wednesday to rejuvenate the economy, unveiling a comprehensive economic coordination and planning system for Nigeria.
In a statement by presidential spokesperson Ajuri Ngelale, Tinubu established three pivotal economic committees. He will helm a 31-member Presidential Economic Coordination Council (PECC), while Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, will lead a 19-member Economic Management Team Emergency Taskforce and a 14-member Economic Management Team.
The move, approved by Tinubu, aims to fortify the nation’s economic governance structure and ensure robust and coordinated planning and implementation.
The PECC comprises Tinubu as Chairman, Vice President Kashim Shettima as Vice-Chairman, and key officials including the President of the Senate, Chairman of the Nigeria Governors’ Forum, and relevant ministers.
Additionally, prominent figures from the private sector such as Alhaji Aliko Dangote and Mr. Tony Elumelu are included for a period of up to one year, subject to presidential directive.
To address immediate economic challenges, Tinubu established the Economic Management Team Emergency Taskforce (EET) tasked with formulating and executing an emergency economic plan. The taskforce, consisting of government officials and industry leaders, is mandated to submit a comprehensive plan of economic interventions for 2024 within two weeks of its inauguration.
Furthermore, a 14-member Economic Management Team (EMT), chaired by the Minister of Finance and Coordinating Minister of the Economy, will serve as the working group under PECC, contributing to the established economic governance structure.
The statement emphasized that these initiatives are part of a unified strategy to enhance Nigeria’s economic management for improved performance, complementing existing structures like the National Economic Council chaired by the vice president.
Over the next six months, the EET will concentrate on swift implementation, monitoring, and evaluation of critical initiatives, reinforcing the federal government’s collective approach to advancing Nigeria’s economic objectives.
