Presidential panel gets terms of reference on economic, financial inclusion reforms

By Egena Sunday Ode

The Presidential Committee on Economic and Financial Inclusion (PreCEFI) has been mandated with the responsibility of providing strategic guidance and oversight for the implementation of the Aso Accord targeted at driving ongoing economic reforms of the federal government that prioritise inclusive growth and bridge financial gaps across the country.

The committee inaugurated by Vice President Kashim Shettima on February 10, 2025, is part of the commitment of the administration of President Bola Ahmed Tinubu to attaining a trillion-dollar target for the Nigerian economy.

The Presidential Committee operates under two subcommittees namely the Governance Committee (GovCo), Technical Committee (TechCo) and is supported by an implementation secretariat, with their respective terms of reference.

According to the terms of reference released on Tuesday, the Governance Committee (GovCo) chaired by the Vice President, with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, as Deputy Chairman, is saddled with the task of providing high-level strategic oversight.

“The GovCo provides high-level strategic guidance and oversight for EFI initiatives. Projects are aligned with national development strategies, policy frameworks are provided, strategic plans are approved, and resource mobilization is facilitated,” it stated.

Key responsibilities of the subcommittee include providing strategic guidance and oversight for the implementation of the Aso Accord, offering governance and leadership for the successful execution of the Accord and setting performance targets, monitoring and reviewing the performance and progress of key implementation activities, acting as a liaison between the National Economic Council and economic and financial inclusion implementation agencies.

Members of the committee are Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia; Enugu State Governor, Dr Peter Mbah; Kaduna State Governor, Senator Uba Sani; Minister of Communications, Innovation, and Digital Economy, Dr Olatunbosun Tijani; Minister of Humanitarian Affairs and Poverty Alleviation, Prof. Nentawe Goshwe Yilwatda; National Security Adviser of Nigeria (NSA), Mallam Nuhu Ribadu; Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; President/CEO of IQS Africa, Prof. Emmanuel Itapson, Representing the private sector, and Technical Advisor to the President on Economic and Financial Inclusion, Dr. Nurudeen Abubakar Zauro (Secretary).

The Technical Implementation Committee (TechCo) which focuses on operationalizing the strategic direction provided by GovCo has the responsibility of “designing, implementing, and managing EFI initiatives on the ground, ensuring that they are technically feasible, effective, and scalable.

“TechCo is responsible for providing technical leadership and ensuring EFI initiatives are executed effectively. As part of its role, it bridges GovCo’s strategic direction with operational activities, ensuring that each initiative can be implemented successfully, is scalable, and is feasible,” the terms of reference noted.

The Technical Committee will design and implement frameworks for EFI initiatives, monitor budget compliance and timelines, drive innovation and technological integration, and advise GovCo on alignment with Aso Accord goals.

Key responsibilities of the subcommittee are as follows: Providing technical leadership for the implementation of the Aso Accord; developing the operational modalities for the implementation of the Aso Accord; leading the design and development of initiatives to address economic and financial inclusion challenges in Nigeria; developing a framework for data-driven monitoring, evaluation, and reporting of Aso Accord initiatives; promoting the adoption of innovative approaches to drive economic and financial inclusion, and providing technical advice to the governance committee.

Director General, National Information Technology Development Agency (NITDA), Mr. Kashifu Inuwa Abdullahi, is Chairman of the TechCo, while Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Mr. Philip Ikeazor, is Deputy Chairman.

Members of the subcommittee are Director General of the National Identity Management Commission (NIMC), Engr. Abisoye Coker-Odusote; Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida; Director General of the Federal Competition and Consumer Protection Commission (FCCPC) Dr Tunji Bello, and Managing Director, Bank of Industry, Dr Olasupo Olusi

Others include Director General, Nigerian Governors Forum, Dr Abdulateef O.T. Shittu; Managing Director of the Nigerian Inter-Bank Settlement System (NIBSS) | Mr. Premier Oiwoh; National Programme Manager, National Cash Transfer Office (NCTO), Mr Abdullahi Alhassan Imam; Representative of Development Partners, Mr. Uche Amaonwu, Gates Foundation; Private sector representative, Dr Stephen Ambore, Technical Lead on Economic and Financial Inclusion; Private Sector Representative| Ms. Modupe Ladipo, the pioneer CEO of EFInA, and Technical Advisor to the President on Economic and Financial Inclusion | Dr Nurudeen Abubakar Zauro (Secretary).