Buhari inaugurates committee on national economy, defends govt’s borrowings

President Muhammadu Buhari on Friday inaugurated the Presidential Committee on National Economy.

Members of the committee include Vice President Yemi Osinbajo who is also the chairman of the National Economic Council (NEC), the Sokoto State Governor, Aminu Tambuwal, who represents the Nigeria Governors’ Forum, and other members of the cabinet.

The committee is expected to review the national economic situation and propose measures that will improve the economy.

It will also receive regular updates on economic conditions in the country, identify issues that require urgent intervention to improve macroeconomic and fiscal conditions, review the impact of existing and new policies on the economy and provide directions to relevant institutions responsible for fiscal, monetary and other relevant policies.

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In his address at the event held at the State House in Abuja, the president stressed the need for the country to address oil theft.

He acknowledged the impact of oil theft on the nation’s revenue and urged Nigerians to support the government in the efforts at addressing the menace.

President Buhari also defended the government’s borrowing to fund critical projects including the Lagos-Ibadan expressway and Second Niger Bridge, among others.

He said: “While citizens’ concern about borrowing is well understood, our resort to borrowing must also be appreciated in the context of the resources required to deliver on the infrastructure, health and other socio-economic needs of our citizens.

“It remains a major goal of this administration to continue pursuing its social protection programmes.

“These programmes provide support to the most vulnerable of our citizens.”

“It is, however, important to note that some of the issues we must address are peculiar to us.

“Let’s look at the decline in our production of crude oil, it is estimated that last month, we produced less than 1 million barrels. The fall in production is essentially due to economic sabotage.

“With the high price of oil in the world markets, producing at about half our OPEC quota has deprived us of much-needed revenue and foreign exchange. The government is working tirelessly to reverse this situation.”

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