New Economic Councils Formed to Tackle Nigeria’s Economic Challenges and to Boost Nigeria’s Economic Governance
President Bola Tinubu has approved the establishment of two key economic councils aimed at addressing Nigeria’s current economic challenges. The Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) are strategic moves to enhance the nation’s economic governance frameworks.
The PECC, chaired by President Tinubu with Vice-President Kashim Shettima as Vice-Chairman, comprises key figures such as the President of the Nigerian Senate, Chairman of the Nigeria Governors’ Forum, and the Coordinating Minister for the Economy and Minister of Finance, among others. It will also include members of the organized private sector for a period not exceeding one year.
Meanwhile, the EET, mandated to formulate and implement an emergency economic plan, will be led by the Coordinating Minister for the Economy and Minister of Finance. Its members include the Governor of the Central Bank, the National Security Adviser, and governors from Anambra, Ogun, and Niger States, among others.
The EET is tasked with submitting a comprehensive economic intervention plan for 2024 to the PECC, covering the next six months, for immediate implementation within two weeks of its inauguration.
The Economic Management Team, established in October 2023, will serve as the working group under the PECC and play a crucial role in the economic governance structure. It will also have the authority to call on any Federal Minister or Head of Agency for briefings.
Ajuri Ngelale, the Presidential spokesman, emphasized that these new teams will complement existing economic governance structures, including the National Economic Council (NEC), chaired by the Vice-President. The focus over the next six months will be on the rapid implementation, monitoring, and evaluation of critical initiatives to advance Nigeria’s economic objectives.
The formation of these councils reflects a unified strategy aimed at enhancing Nigeria’s economic management architecture for improved performance.
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Daily Trust
