President Tinubu Establishes Economic Management Teams to Tackle Economic Challenges

In a strategic move aimed at addressing the prevailing economic challenges in Nigeria, President Bola Tinubu has approved the establishment of two key bodies: the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET).

These initiatives are poised to bolster the nation’s economic governance frameworks and enhance coordinated planning and implementation of economic strategies.

According to a statement by Presidential spokesman Ajuri Ngelale, the PECC will be chaired by President Bola Tinubu, with Vice-President Kashim Shettima serving as Vice-Chairman. The council comprises key stakeholders, including the President of the Nigerian Senate, Chairman of the Nigeria Governors’ Forum, Coordinating Minister for the Economy and Minister of Finance, Governor of the Central Bank of Nigeria, and representatives from the organized private sector.

Notable figures from the private sector, such as Alhaji Aliko Dangote, Mr. Tony Elumelu, and Alhaji Abdulsamad Rabiu, among others, will join the council for a period not exceeding one year, subject to the President’s directive. Their inclusion reflects a collaborative effort between the public and private sectors to address economic challenges and drive sustainable growth.

Meanwhile, the Economic Management Team Emergency Taskforce (EET) is mandated to formulate and implement a consolidated emergency economic plan. Chaired by the Coordinating Minister for the Economy and Minister of Finance, the taskforce includes key stakeholders such as the Governor of the Central Bank, National Security Adviser, and representatives from various states and government agencies.

Economists Dr. Bismarck Rewane and Dr. Suleyman Ndanusa are also members of the EET, tasked with submitting a comprehensive plan of economic interventions for 2024 to the PECC within two weeks of its inauguration.

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Ngelale emphasized that these initiatives complement existing economic governance structures, including the National Economic Council (NEC), chaired by the Vice-President. Over the next six months, the EET will focus on implementing, monitoring, and evaluating critical initiatives to advance Nigeria’s economic objectives.

The establishment of the PECC and EET underscores President Tinubu’s commitment to enhancing Nigeria’s economic management architecture and fostering collaboration between public and private sectors to drive sustainable development and prosperity.