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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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Group Urges Opposition Parties To Be Constructive In Criticism

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A group under the auspices of Coalition for the Protection of Democracy (COPDEM) has urged opposition parties in the country to be constructive in criticising governments at the state and national levels.
The National Chairman of COPDEM, Prince Rwang Pam, gave the advice Saturday at the National Convention and Democracy Icons Award organised by the group in Abuja.
Pam, who expressed concern that presently there was no strong political opposition in the country, said opposition was not about developing hatred for a government in power.
“As far as political parties are concerned, we are not hearing their voices. Nobody is actually saying anything.
“An opposition is not about hitting the government or being anti-Tinubu or anti-APC.
“When it is good, say it is good and when it is not good, say it is not good.
“I think that is what an opposition should be; without fear or favour,” he said.
According to him, COPDEM is an opposition, not to politics but to anything that is standing against the health and the well being of the masses.
Pam equally advised politicians, whether in power or not, to love Nigeria and be ready to do the right thing.
He said that the award night was organised to appreciate the champions of democracy.
“Tonight, we pay tribute to the champions of democracy, whose unwavering dedication has paved the way for positive change in our nation, from grassroots activists to visionary leaders.
“Each nominee and award recipient embodies the values of integrity, transparency, and inclusivity that are the cornerstone of a thriving democracy,” he said.
Our correspondent reports that recipients of the icons award include Late President Umaru Ya’Adua; former President Olusegun Obasanjo; Presidential Candidate of Labour Party, Peter Obi and Femi Falana, SAN.
Others include Bishop Mathew Kukah; Late Minister of Information, Prof. Dora Akunyili; the Yoruba leader, Pa Ayo Adebanjo; Late Dele Giwa; Late Gani Fawehinmi; Sen. Shehu Sani; Oby Ezekwesili, among others.
Speaking to newsmen shortly after the event, Peter Obi, who was represented by Chief Peter Ameh, National Secretary of Coalition of United Political Parties (CUPP), dedicated the award to the Nigerian people.

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Business Community, Others Happy With Completion Of Old Bori Road

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The business community, indigenes, workers, drivers, motorists and market women from across the Nigeria have expressed joy over the completion of the Aleto-Ogale-Ebubu-Eteo road (known as old Bori road) in Eleme local government area of Rivers State that will now serve as an alternative to the East/West road being constructed by the federal government.
The over 11km-road, constructed by the administration of Sir SiminalayiFubara and would be commissioned on Tuesday, reduces travelling time between Port Harcourt and the Ogoni, Ogu/Bolo, Andoni and Opobo/Nkoro axis of the state, and Akwa Ibom and Cross River States.
Recall that the East/West road owned by the federal government is presently undergoing reconstruction after being dilapidated for several years, thus causing serious traffic jams and loss of lives and property as recently witnessed in a sad fire incident.
But users of the road are now commending the Rivers State Government led by Governor Fubara for completing the alternative road and making life easy as they go about their daily activities within and outside the state.
A worker at the Federal Ocean Terminal (FOT) in Onne, Rivers State, Fidelia Okonkwo stated that since the road was completed, going to work everyday has now become more pleasurable and less damaging to her car.
Okonkwo stressed that “The terrible nature of the East/West road really gave us nightmare and one can now imagine the difference this new road has made. I find it so easy to drive to work now, at a time; I parked my car at home and join public transport to work. I must say kudos to the Rivers State government.”
A driver that plies the Port Harcourt-Ikot Abasi route, IdongesitOkon expressed joy over the alternative route, saying he now spends less hours carrying passengers between Rivers and Akwa States, in addition to spending less fixing his car due to the bad state of the road.
He praised the Rivers State Government for delivering on the road, pointing out that when the governor awarded the contract, they thought it was the usual politician way of doing things but that they were shocked when contractors finished the project.
According to him, “Help us thank the governor, God go bless am, we no believe am when he say him go finish the road but now see as the road dey smooth, we dey enjoy am well well.”
An indigene of Aleto-Eleme, Obarilomate Godwin expressed gratitude to the government, stating that the completion of the road would save the community from perennial flooding, in addition to improved movement along the road.
“I am really happy for this road project, before now, during raining season, the road would become flooded and it will be difficult to move around. But now, we are happy that there won’t be flooding and we can easily move from one point to the other.
“I must admit that Governor Fubara is working hard despite the political distractions in the state; we can only ask that he does more for the people of Eleme, we know that the ring road is coming and the contactor is on site, this is really good, we thank him,” he added.
Mrs Agnes Ogwutum, who sells at the Eleme market, while expressing happiness over the road, saying it enables them to move their goods quickly, called on the state government to quickly finish the ongoing ring road project, saying it will help increase the number of people coming to the market.

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Nigeria, China Sign MoU On Economic Growth

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The Nigeria Customs Service has signed a Memorandum of Understanding with the General Administration of Customs, People’s Republic of China, to foster bilateral relationships and enhance economic growth.
This was contained in a statement, yesterday, by the National Public Relations Officer, NCS, Abdullahi Maiwada.
According to the statement, the Comptroller-General of the NCS, Adewale Adeniyi, signed the MoU when he led a management team of the service to Shenzhen metropolis of China.
Speaking during the visit, Adeniyi appreciated the Vice Minister of the Chinese General Administration of Customs, Wang Lingjun, for showing interest in signing the agreement.
Adeniyi explained that the new MoU with China “would boost the countries’ import-export operations and favour the Micro, Small and Medium Enterprises in Nigeria,”
“We know a lot of Nigerian companies and Small and Medium Enterprises take advantage of the opportunities aided through e-commerce,” Adeniyi added.
He expressed optimism that the agreement would serve as a critical component of cooperative security and trade relationship between the two countries.
The relationship would create a cooperative mechanism for NCS and the GACC to collaborate on supply chain security standards and enhance the economic stability of both nations, he said.
According to him, these are some of the many reasons the NCS pays attention to what is happening in China.
“As you have said, China is making the biggest trade in Nigeria, and the basic context of international trade is ‘your export, our import’. I appreciate the numbers that you gain in Nigeria. But it is also common knowledge that those numbers sometimes must take account of the large volume of informal trade that exists between us,” the CGC said.
Earlier, Lingjun, who was represented by Sun Yuning, while signing the MoU, expressed satisfaction with Adeniyi’s vision.
Lingjun added that the affiliation between the two government agencies “would serve as a mechanism for creating opportunities that Nigeria and China share on a wide range of economic issues and trade facilitation.”

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