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Tinubu Gives 50-Member Emergency Team Six Months Deadline

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Nigeria’s President, Bola Tinubu last Wednesday established a 31-man Presidential Economic Coordination Council (PECC) comprising himself, the Vice President, Senate President and the Chairman of the Nigerian Governors Forum, among others.
He also established a 19-member Economic Management Team Emergency Taskforce which he mandated to meet twice weekly and submit a six-month comprehensive plan of economic interventions for 2024.
The Economic Management Team Emergency Taskforce was approved by the Federal Executive Council on Monday.
Tinubu further directed that the plan, covering the next six months, would be due for immediate implementation within two weeks of the EET’s inauguration.
The EET comprises ministers, four governors and some members of the economic management team, as well as the private sector.
The EET is to report to the Presidential Economic Coordination Council headed by Tinubu.
The PECC comprises 13 ministers, the Central Bank of Nigeria Governor, Yemi Cardoso, and the Chairman of the Nigeria Governors’ Forum, Governor Abdulrahman Abdulrazaq of Kwara State, among others.
The council also includes 13 persons drawn from the organised private sector including Chairman of Dangote Group, Aliko Dangote; UBA Chairman, Mr. Tony Elumelu; BUA Founder, Abdulsamad Rabiu, among others. The members of the organised private sector would serve on the council for a one-year tenure.
According to a statement from the Presidency, signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, Tuesday’s move is “in furtherance of his administration’s efforts at re-engineering the nation’s economic governance framework”.
The statement, titled “President Tinubu establishes comprehensive economic coordination and planning system for Nigeria”, comes weeks after the President created an economic advisory committee comprising the Federal Government, sub-nationals and the private sector, on February 25.
Upon assuming office 10 months ago, the Tinubu administration discontinued subsidies on petrol, which, he said, would save the government monies for infrastructural expansion.
He also unified the foreign exchange rates to curb currency arbitrage.
However, these moves sparked major instability in the value of the naira and heaped hardship on Nigerians as food prices soared.
In February 2024, N1,900 was exchanged for one USD in the black market.
The naira has recently seen a steady climb against the US dollar, exchanging N1,300/$ at the official market on Wednesday.
Ngelale, who announced the economy-focused initiatives, said the setting up of the PECC and the EET was a strategic move to ensure robust and coordinated economic planning and implementation to tackle the challenges head-on.
Members of the PECC include President Tinubu (Chairman); Vice President, Kashim Shettima Vice-Chairman); President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.
Others include Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.
Also included are members representing the organised private sector: Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu,and Mr. Rasheed Sarumi.
Tinubu mandated the EET to formulate and implement a consolidated emergency economic plan in “furtherance of the President’s collaborative approach toward achieving economic resilience and growth”.
Members include the Coordinating Minister of the Economy and Minister of Finance who serves as Chairman, Minister of Budget and Economic Planning, Minister of Power, Minister of Agriculture and Food Security, Coordinating Minister of Health and Social Welfare, and Minister of Industry, Trade and Investment.
Others are the Governor of the Central Bank of Nigeria, National Security Adviser, Chairman, Nigeria Governors’ Forum, the Governor of Anambra State, and the Governor of Ogun State.
The 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, Economists, Dr. Bismarck Rewane and Dr. Suleyman Ndanusa are also members.
On the operations of the EET, the Presidency said “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”.
It also revealed that the Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, Wale Edun, would serve as the working group under the PECC, “playing a crucial role in the economic governance structure established by the president’.
Consequently, the Economic Management Team, which traditionally meets monthly or as required, will suspend all meetings for the duration of the EET’s six-month mandate.
The EMT comprises the Coordinating Minister for the Economy and Minister of Finance, who served as its 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 are 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 Presidential Spokesman, Ngelale, noted that, “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”.
He noted that 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, manifests 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 , which is chaired by the Vice-President”. the statement read.

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Nigerians Hit As Iran Rains Missiles On UAE

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Nigerians were among more than 140 residents injured after Iran launched multiple ballistic missiles and unmanned aerial vehicles at the United Arab Emirates, at the weekend.

This raised fresh fears for thousands of Nigerians living and working in the Gulf nation.

The UAE Ministry of Defence disclosed last Saturday that its air defence systems intercepted several missiles and drones fired from Iran, describing the attack as a major escalation in the ongoing regional tensions.

In a statement posted on its official X handle, the ministry said its air defence units engaged nine ballistic missiles and 33 drones during the latest assault on March 14.

It added that the attacks left six people dead and 141 others injured, including foreign nationals.

“The UAE air defence systems on March 14 engaged nine ballistic missiles and 33 UAVs launched from Iran,” the ministry stated.

“Since the onset of this blatant Iranian aggression, UAE air defences have engaged 294 ballistic missiles, 15 cruise missiles, and 1,600 UAVs launched from Iran,” UAE added.

According to the ministry, those killed in the attacks included citizens of the UAE as well as foreign nationals from Pakistan, Nepal and Bangladesh.

“Although the authorities did not specify the exact locations where the casualties occurred, the ministry said the injured victims were from several countries, including Nigeria.

Others affected include residents from Egypt, Sudan, Ethiopia, the Philippines, Pakistan, Iran, India, Bangladesh and Sri Lanka.

The list also included Azerbaijan, Yemen, Uganda, Eritrea, Lebanon, Afghanistan, Bahrain, Comoros, Türkiye, Iraq, Nepal, Oman, Jordan, Palestine, Ghana, Indonesia and Sweden.

The Tide reports that this development has sparked concern among Nigerian communities in the UAE, where thousands of citizens live and work in sectors such as construction, hospitality, logistics and trade.

Data from Nigeria’s diaspora commission shows that the UAE remains one of the largest destinations for Nigerian migrants in the Middle East, particularly in the emirates of Dubai, Abu Dhabi and Sharjah.

The Nigerian government had in recent years raised concerns over the safety and welfare of its citizens in the country following diplomatic tensions and visa restrictions affecting Nigerians.

Saturday’s attacks have now heightened anxieties within the diaspora community, especially as the Gulf region faces growing military confrontations.

In its statement, the UAE Ministry of Defence said the country remained fully prepared to confront any threats to its security.

“The Ministry of Defence remains fully prepared and ready to deal with any threats and will firmly confront any attempts to undermine state security in a manner that ensures the protection of its sovereignty, security and stability, and safeguards its national interests and capabilities,” the ministry said.

In a separate update, the ministry noted that its defence systems were still actively intercepting missiles and drones.

“UAE air defences are dealing with Iranian ballistic and cruise missiles and drones,” it said.

Regional media reports indicate that the attacks form part of a wider escalation of hostilities between Iran and Western-backed forces in the Middle East.

According to Al Jazeera, Iran has continued sustained missile and drone strikes across the Gulf despite protests from neighbouring states.

The strikes were said to be in retaliation for military operations launched by the United States and Israel against Iranian positions in the region.

Tehran targeted several Gulf countries, including Saudi Arabia, Qatar and the UAE, late on Friday and into Saturday.

The attacks also caused infrastructural damage in parts of the UAE.

Meanwhile, Iran’s elite military wing, the Islamic Revolutionary Guard Corps, warned that US interests in the UAE would remain legitimate targets.

Iranian state media reported that the group issued the warning after US forces attacked Iranian-controlled islands.

The IRGC specifically mentioned ports, docks and military installations linked to the United States as potential targets.

It also urged residents in the UAE to evacuate areas around ports and military facilities to avoid civilian casualties.

Security analysts say the growing exchange of threats and strike across the Gulf could destabilise the region’s economic and aviation activities if the conflict escalates further.

Nigeria’s Ministry of Foreign Affairs has yet to issue an official statement on the incident as of the time of filing this report.

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Fubara  Swears in Five New Commissioners …Says Their Best Is Needed for Rivers Dev

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Rivers State Governor, Sir Siminalayi Fubara, has charged the five new commissioners sworn-in last Wednesday to put in their best for the development of the State.

Fubara gave the charge during the swearing-in of the commissioners at the Executive Council Chambers of the Government House, Port Harcourt, last Wednesday.

This followed the successful screening of the five commissioners by the Rivers State House of Assembly, last Tuesday.

The five commissioners are Tonye Bellgam, Prof. Temple Nwofor, Dr. Peters Nwagor, Mr. Lekue Kenneth, and Sir Amairigha Edward Hart.

The Tide reports that the governor had sent nine commissioner-nominees to the Assembly for screening, but the Assembly confirmed only five nominees and rejected the nomination of four over various allegations.

Those rejected by the Assembly are Prof. Dantonye Alasia, Mrs. Charity Demua, Mr. Tamuno Williams, and Otonye Amachree.

The governor congratulated the new commissioners on their appointment, noting that their thorough screening by the Rivers State House of Assembly was a proof of their capabilities.

He urged them to deploy their wealth of experience in various fields and put the State on a fast lane of development.

“Ordinarily, I am supposed to charge you on your responsibilities and how to operate. But that has been taken care of by the screening at the Assembly.

“I believe that going through one of the most rigorous screenings, it is enough to say that for those of you who succeeded, you are fit and ready to deliver to our dear State.

“So there is no further charge. The screening was the charge, so I wish you the best as I don’t expect anything less than the best from you,” Fubara said.

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Navy Destroys Illegal Refinery In Rivers, Intercepts Stolen Fuel In C’ River

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The Nigerian Navy has intensified its crackdown on crude oil theft and illegal bunkering, destroying a reactivated illegal refinery site in Rivers State and intercepting suspected stolen petroleum products in Calabar, Cross River State.

The Director of Naval Information, Capt Abiodun Folorunsho, disclosed this in a statement released in Abuja, yesterday.

Folorunsho said personnel of the Nigerian Navy Ship SOROH, operating under Operation DELTA SENTINEL, destroyed a reactivated illegal refinery site at Okolomade Community in Abua-Odual Local Government Area of Rivers State.

He said the action followed credible intelligence that a previously dismantled illegal refining site had resumed operations.

According to him, an Anti–Crude Oil Theft team deployed to the location discovered that the dismantled refining oven had been reconstructed.

“Further exploitation of the area led to the discovery of additional refining equipment and storage facilities containing about 3,000 litres of product suspected to be illegally refined Automotive Gas Oil (AGO),” he said.

Folorunsho added that the illegal refining infrastructure, including ovens, storage tanks, hoses, connected pipes and newly acquired metal components used for illegal refining, was destroyed in line with operational procedures.

He said personnel of the Nigerian Navy Ship Victory, in another operation, intercepted about 3,950 litres of suspected stolen petroleum products at the Nigerian Ports Authority area in Calabar, Cross River State.

He said the interception was based on credible intelligence on suspected siphoning of petroleum products from vessels berthed at the port.

The naval patrol team, according to him, swiftly deployed to the area and traced the illegally siphoned products to a trailer park within the port facility.

“On sighting the naval patrol team, the suspected perpetrators fled the scene, after which the area was cordoned off and the illegally siphoned products secured,” he said.

Folorunsho said further inspection led to the recovery of about 3,950 litres of Automotive Gas Oil stored in drums and jerrycans, which had been evacuated to the naval base for further necessary action in line with extant regulations.

He noted that the successes aligned with the directive of the Chief of the Naval Staff, Vice Adm. Idi Abbas, to intensify operations against crude oil theft and other maritime crimes across Nigeria’s maritime domain.

Folorunsho reiterated the Navy’s commitment to sustaining the operational tempo of Operation DELTA SENTINEL through intensified surveillance, patrols and intelligence-driven operations aimed at combating crude oil theft, illegal bunkering and other forms of economic sabotage.

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