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Tony Elumelu, Dangote Others Named As PECC Members As President Tinubu Establishes Comprehensive Economic Coordination And Planning System For Nigeria

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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 Taskforce (EET).

The Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials, including:

(1) President of the Federal Republic of Nigeria – Chairman of the PECC

(2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman

(3) President of the Nigerian Senate

(4) Chairman, Nigeria Governors’ Forum

(5) Coordinating Minister for the Economy and Minister of Finance

(6) Governor of the Central Bank of Nigeria

(7) Minister of Agriculture and Food Security

(8) Minister of Aviation and Aerospace Development

(9) Minister of Budget and Economic Planning

(10)Minister of Communications, Innovation and Digital Economy

(11)Minister of Industry, Trade and Investment

(12)Minister of Labour and Employment

(13) Minister of Marine and Blue Economy

(14) Minister of Power

(15)Minister of State, Petroleum Resources

(16)Minister of State, Gas

(17)Minister of Transportation

(18)Minister of Works

The PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one (1) year, subject to the President’s directive:

(1) Alhaji Aliko Dangote

(2) Mr. Tony Elumelu

(3) Alhaji Abdulsamad Rabiu

(4) Ms. Amina Maina

(5) Mr. Begun Ajayi-Kadir

(6) Mrs. Funke Okpeke

(7) Dr. Doyin Salami

(8) Mr. Patrick Okigbo

(9) Mr. Kola Adesina

(10)Mr. Segun Agbaje

(11)Mr. Chidi Ajaere

(12)Mr. Abdulkadir Aliu

(13)Mr. Rasheed Sarumi

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 EET will meet twice weekly and is composed of the following members:

(1) Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET)

(2) Minister of Budget and Economic Planning

(3) Minister of Power

(4) Minister of Agriculture and Food Security

(5) Coordinating Minister of Health and Social Welfare

(6) Minister of Industry, Trade and Investment

(7) Governor of the Central Bank of Nigeria

(8) National Security Adviser

(9) Chairman, Nigeria Governors’ Forum

(10) Governor of Anambra State

(11)Governor of Ogun State

(12)Governor of Niger State

(13)Executive Chairman, Federal Inland Revenue Service

(14)Director-General, Budget Office of the Federation

(15)GCEO, NNPC Limited

(16) Director-General, Nigeria Economic Summit Group

(17)Special Adviser to the President on Energy

(18)Dr. Bismarck Rewane, Economist

(19)Dr. Suleyman Ndanusa, Economist

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 following officials:

(1) Coordinating Minister for the Economy and Minister of Finance (EMT Chairman)

(2) Governor of the Central Bank of Nigeria

(3) Minister of Budget and Economic Planning

(4) Minister of Industry, Trade and Investment

(5) Minister of Communications, Innovation and Digital Economy

(6) Minister of Works

(7) Minister of Labour and Employment

(8) Minister of Agriculture and Food Security

(9) Minister of State, Petroleum Resources

(10) Minister of State, Gas

(11) Minister of Power

(12) Minister of Transportation

(13) Minister of Aviation and Aerospace Development

(14) 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.

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.

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BIG STORY

JUST IN: Warri Refinery Has Resumed Operations — NNPCL

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Barely a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery, the Nigerian National Petroleum Company Limited has announced that the 125,000-barrel-per-day Warri Refining & Petrochemicals Company in Warri, Delta State, is now operational.

This was disclosed by the NNPCL Group Chief Executive Officer, Mele Kyari, during a tour of the facility on Monday.

A video posted by Channels TV on Monday showed Kyari addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

Before the tour commenced, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

According to him, although the repairs on the facility are not yet 100 per cent complete, operations have commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

Located in Ekpan, Uwvie, and Ubeji, Warri, the petrochemical plant produces 13,000 metric tonnes per annum (MTA) of polypropylene and 18,000 MTA of carbon black.

Commissioned in 1978 and managed by NNPCL, the WRPC was built to supply markets in the southern and southwestern regions of Nigeria.

The mechanical completion of the facility was initially scheduled for the first quarter of 2024, according to the NNPCL spokesperson, Olufemi Soneye.

“Warri should be done by Q1 (first quarter) 2024,” Soneye stated.

The WRPC is one of Nigeria’s four refineries, alongside the old and new Port Harcourt Refining Company in Rivers State and the Kaduna Refining and Petrochemical Company in Kaduna State.

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BIG STORY

Wike Slams Peter Odili, Says I Brought You Back To Life Politically

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The Minister of the Federal Capital Territory, Nyesom Wike, on Sunday, strongly criticized ex-Rivers State Governor, Peter Odili, calling him a rent seeker and an ingrate for supporting the current Governor, Siminalayi Fubara.

Wike was responding to Odili’s recent statement that Fubara stopped him (Wike) from turning Rivers into his personal estate.

According to a statement on Sunday from his media aide, Leke Olayinka, Wike made his remarks at a Special Thanksgiving Service organized by the factional Speaker of the Rivers State House of Assembly, Martin Amaewhule, at the Church of Nigeria (Anglican Communion), Oro-Igwe/Eliogbolo Archdeaconry Church of the Holy Spirit, Eliozu Parish, Port Harcourt.

Wike, who labeled Odili an ingrate, recounted how he built a house for the former governor and mentioned that Odili also had some of his family members in government positions, turning Rivers into his private estate.

“Must you be a trader all the time? As governor for eight years, what else are you looking for? You know, I didn’t want to say anything. But somebody called me last night, and told me what someone said in the social media. I said until I read it myself. This morning, I read in the newspapers, what our former Governor, Sir Dr Peter Odili said.”

“What did he say? He said that the present governor has been able to stop one man who wanted to convert Rivers State to his personal estate. Between him and myself, who has turned Rivers State to his personal estate? His wife is a Chairman of Governing Council, his daughter is a commissioner, his other daughter is a judge and he is the general overseer. Who has now turned Rivers State to his private estate? I am sure if care is not taken, if there is a chance, he can even arrange a marriage for the governor.”

“In 2007 after he left office, he couldn’t come near power in the State because Amaechi was the governor then. He was gone! Like somebody said that God will use someone to lift up someone. When I came in as governor in 2015, I won’t use the word resurrected, but I brought him back to life,” Wike said.

The Minister also mentioned that Odili had previously praised him as being better than past governors in the state, asserting that the former Governor had reduced himself to a laughingstock.

“All of you here remember when I was governor, this same Odili praised me to high heaven. In fact, he said then that all past governors in Rivers State combined did not do better than me. Now, because you have organized a Christmas Carol for the governor, I didn’t say you should not do your Christmas Carol. But why reduce yourself to such a laughing stock? People will still see it on television how he was telling the whole world then how God used me to bring him back to life politically.”

“The governor that all of us made has not spent one year in office and the same Odili was already saying that the governor has beaten the records of all the past governors of Rivers State. When I was there, he said I had surpassed the records of all the past governors, including himself. What can he even show that he did in his eight years as governor? But a governor has not spent one year, you are saying he has done more than all the past governors.”

The Minister further emphasized that the former Governor had no significant accomplishments during his eight years in office. He added that Odili failed in his Presidential bid and opposed Fubara’s emergence as Governor of Rivers State.

“You spent eight years as governor and someone who hasn’t spent one year has surpassed your records, what manner of elder talks like that? Is that what an elder statesman should be known for?”

“When I was plotting who will be governor after me, was he (Odili) there? Then, he was complaining about this governor, saying that he couldn’t stand before the public to talk. But today, he is organizing Christmas Carol for the same governor he was against then.”

“He has forgotten all that he said in the past. I named this after you, I named that after your wife. What have I not done? This is a man who wanted to run for President then, he didn’t have the balls, he chickened out. Simply because Obasanjo said no, he will not contest, he ran away. Because of him, I never invited Obasanjo to Rivers State to inaugurate projects. I felt it would humiliate him,” Wike said.

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BIG STORY

Customs To Auction Seized Petrol At N400 Per Litre [PHOTOS]

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The Nigeria Customs Service (NCS) says it will auction 15,325 litres of seized premium motor spirit (PMS), popularly called petrol, to ease transportation during the festive period.

Hussein Ejibunu, national coordinator of the service’s Operation Whirlwind, made the announcement on Saturday at a press briefing held at the Customs Training College, Ikeja, Lagos State.

Ejibunu said the product, valued at N27.5 million, was seized during operations in Lagos and Ogun states.

He said Adewale Adeniyi, the Comptroller-General of Customs, has directed that the products be auctioned at the rate of N10,000 per 25 litres.

The coordinator further said a court condemnation order and all legal processes have been finalised by the office of the legal adviser to facilitate the auctioning.

“This operation has been on since 27 May 2024 and has yielded positive results, as the CGC has urged the operatives to continue sustaining the tempo until the activities of these economic saboteurs are stamped out of this country,” Ejibunu said.

“On this note, the CGC has directed Auctions of the seized product to members of the public at the rate of N10,000 per 25 litres. This will ease the transportation hardship during this festive period.”

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