Tinubu Appoints Dangote, Kola Adesina, Elumelu, Rabiu as Presidential Economic Council Members

In a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, President Bola Ahmed Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Task Force (EET).

According to the statement signed by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, the president appointed private sector business tycoons Aliko Dangote, Kola Adesina, Tony Elumelu and Abdulsamad Rabiu into the PECC.

Other appointees from the private sector are Amina Maina, Begun Ajayi-Kadi, Funke Okpeke, Doyin Salami, Patrick Okigbo, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu and Rasheed Sarumi.

According to the statement, the private sector members of the council private sector are expected to be joining for a period not exceeding one (1) year, and subject to the President’s directive.

Meanwhile, on the public arm, Tinubu appointed himself as the chairman of the PECC, Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman, President of the Nigerian Senate, Chairman, Nigeria Governors’ Forum, Coordinating Minister for the Economy and Minister of Finance and Governor of the Central Bank of Nigeria.

Other members of the PECC include Minister of Agriculture and Food Security, Minister of Aviation and Aerospace Development, Minister of Budget and Economic Planning, Minister of Communications, Innovation and Digital Economy, Minister of Industry, Trade and Investment, Minister of Labour and Employment, Minister of Marine and Blue Economy, Minister of Power, Minister of State, Petroleum Resources, Minister of State, Gas, Minister of Transportation and Minister of Works.

“Furthermore, in his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, President Bola Tinubu has 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 toward 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 (6) months, for immediate implementation within two weeks of its inauguration,” the statement read in part.

According to the statement, the EET will meet twice weekly and is composed of the Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET), Minister of Budget and Economic Planning, Minister of Power, Minister of Agriculture and Food Security, Coordinating Minister of Health and Social Welfare, Minister of Industry, Trade and Investment, Governor of the Central Bank of Nigeria, National Security Adviser and Chairman, Nigeria Governors’ Forum.

Other members of the EET are the Governor of Anambra State, Governor of Ogun State, Governor of Niger State, 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, Bismarck Rewane, Economist and Suleyman Ndanusa, Economist.

Meanwhile, the Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, serves 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 (six months).

The EMT is composed of the Coordinating Minister for the Economy and Minister of Finance (EMT Chairman), Governor of the Central Bank of Nigeria, Minister of Budget and Economic Planning, Minister of Industry, Trade and Investment, Minister of Communications, Innovation and Digital Economy, Minister of Works and Minister of Labour and Employment.

Other members of the EMT are the Minister of Agriculture and Food Security, Minister of State, Petroleum Resources, Minister of State, Gas, Minister of Power, Minister of Transportation, Minister of Aviation and Aerospace Development and Minister of Marine and Blue Economy.

“The Chairman of the EMT may, as needed, call on any Federal 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,” the release read.

According to the statement, 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.