Tinubu Steps Up Move to Revive Nigeria’s Economy

* Heads 31-man presidential economic coordination council 

* Cardoso, Edun, Dangote, Elumelu, Rabiu, Agbaje make list

* Edun heads 19-man economic management team emergency taskforce 

Deji Elumoye in Abuja 

President Bola Tinubu on Wednesday took very definite steps aimed at reviving the nation’s economy with the establishment of comprehensive economic coordination and planning system for the country.

According to a release issued by presidential spokesperson, Ajuri Ngelale, three key economic committees were constituted with the president heading the 31-man presidential economic coordination council, while the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, will chair both the 19-man economic management team emergency taskforce and the 14-man economic management team.

President Tinubu approved the constitution of the committees in a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation.

Membership of the Presidential Economic Coordination Council (PECC) include President Tinubu as Chairman, Vice-President Kashim Shettima, Vice-Chairman; President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum;

Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.

Others include Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.

The PECC, which also comprises 13 key members of the organized private sector joining for a period not exceeding one year, subject to the president’s directive, include

Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke and Dr. Doyin Salami.

Other PECC members from the private sector are 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, President Tinubu also established the Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan. 

The taskforce comprises key government officials and industry leaders in furtherance of the president’s collaborative approach towards achieving economic resilience and growth. 

The EET is now mandated to submit a comprehensive plan of economic interventions for 2024 to the PECC, covering the next six months, for immediate implementation within two weeks of its inauguration. 

Membership of the EET, which will meet twice weekly, include the Coordinating Minister for the Economy and Minister of Finance (Chairman), Ministers of Budget and Economic Planning, Power, Agriculture and Food Security, Health and Social Welfare, 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 are Governors of Ogun and Niger States, Executive Chairman, Federal Inland Revenue Service, Director-General, Budget Office of the Federation, GCEO, NNPC Limited, 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, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, will serve as the working group under the Presidential Economic Coordination Council (PECC), playing a crucial role in the economic governance structure established by the president. 

The EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate of six months.

Membership of the EMT include the Coordinating Minister for the Economy and Minister of Finance (Chairman); Governor of the Central Bank of Nigeria; Ministers of Budget and Economic Planning; Industry, Trade and Investment; and Communications, Innovation and Digital Economy.

Other members are Ministers of Works; Labour and Employment; Agriculture and Food Security; State, Petroleum Resources; State, Gas; Ministers of Power; Transportation; Aviation and Aerospace Development and 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 president’s formation of the PECC, under his chairmanship, alongside the creation of the EET, led by the Chairman of the EMT, and the EMT itself, is 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.

Over the next six months, the EET will focus on the rapid implementation, monitoring and evaluation of critical initiatives, strengthening the Tinubu-led administration’s collective approach to advancing Nigeria’s economic objectives.