In a strategic move to overhaul Nigeria’s economic governance framework, President Bola Tinubu unveiled two pivotal bodies on Wednesday: the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET).

The PECC, chaired by President Tinubu, comprises key figures such as the Vice President, Senate President, Chairman of the Nigerian Governors Forum, and representatives from various sectors, including the organized private sector. This council aims to facilitate robust economic planning and execution.

Simultaneously, Tinubu announced the establishment of the EET, tasked with addressing immediate economic challenges and executing emergency economic strategies. Led by the Coordinating Minister of the Economy and Minister of Finance, this taskforce will collaborate closely with the PECC to achieve economic resilience and growth.

The EET, consisting of prominent policymakers, industry leaders, and experts, is mandated to meet twice weekly to devise and implement a comprehensive economic plan for 2024. This plan, focused on the next six months, will undergo immediate implementation within two weeks of the taskforce’s inauguration.

Notably, the Economic Management Team, chaired by the Coordinating Minister for the Economy and Minister of Finance, will serve as a vital working group under the PECC, reinforcing Nigeria’s economic governance structure.

The creation of these teams underscores President Tinubu’s commitment to enhancing economic management and performance, complementing existing structures such as the National Economic Council chaired by the Vice President.