President Bola Tinubu has taken a significant step towards economic coordination and management by establishing two key bodies aimed at addressing Nigeria’s economic challenges.
On Wednesday, President Tinubu announced the formation of a 31-man Presidential Economic Coordination Council (PECC) and a 19-member Economic Management Team (EMT) Emergency Taskforce.
The PECC, chaired by President Tinubu himself, comprises high-ranking officials including the Vice President, Senate President, Chairman of the Nigerian Governors Forum, and 13 ministers.
Additionally, the council includes key figures from the private sector such as Aliko Dangote, Tony Elumelu, and Abdulsamad Rabiu. The PECC is tasked with overseeing and coordinating economic policies and interventions at the highest level.
In tandem with the PECC, President Tinubu established the EMT Emergency Taskforce, mandated to meet twice weekly and develop a comprehensive six-month plan of economic interventions for 2024. This taskforce, approved by the Federal Executive Council, includes ministers, governors, members of the economic management team, and representatives from the private sector.
President Tinubu emphasized the urgency of the taskforce’s work, directing that the six-month plan be implemented within two weeks of the taskforce’s inauguration. The EMT Emergency Taskforce is expected to report to the PECC, ensuring alignment between policy formulation and implementation.
Notably, members of the organised private sector appointed to the council, including business leaders like Aliko Dangote, Tony Elumelu, and Abdulsamad Rabiu, will serve for a one-year tenure, contributing their expertise and insights to Nigeria’s economic decision-making processes.
President Tinubu’s initiative signals a proactive approach to addressing economic challenges and fostering collaboration between the government and the private sector. With these newly established bodies, Nigeria aims to chart a course towards sustainable economic growth and development.
