Buhari’s team  meets with experts on economic recovery options

Apparently jolted by his critics, President Muhammdu Buhari has at last succumbed to the pressure to allow experts lead the way to economic recovery of Nigeria.

To this effect, he has authorised that a joint team, made up of government economic policy drivers and economic experts be urgently constituted to advise him on some economic and financial issues.

This, he said is aimed at finding urgent and lasting solution to the recession-ridden economy of the country.

The first of such meeting, presided over on Tuesday by Vice President Yemi Osinbajo, at the Presidential Villa, reportedly, deliberated on strategies for revamping the economy.

In attendance at the four-hour drawn special meeting were Mr. Bismarck Rewane, Mr. Bode Augusto, Prof. Akpan Ekpo, Dr. Ayo Teriba and Prof. Badayi Sani.

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Some of the issues discussed included, the review of the foreign exchange regime and its effect on the economy as well as the draft Medium Term Economic Framework for 2017-2019, which is already due for a revisit given the economic realities of today.

Participants also made some of suggestions, particularly on how to reinvigorate the economy, through massive infrastructural spending with active private-sector participation,

They also agreed that there is the need to ensure pro-people economic policies to be seen in increase in supply of dollars to the forex market.

Very vital to the meeting was how to bring Nigeria out of recession and promptly restore growth in the quickest possible time.

But  many opinion molders are still of the view that there is still some shortcomings

in government’s attempt to open up the door for the much needed input from the private sector on the economy, given that some  key players in the real sector and other captains of major industries were yet to be involved in the enlarged economic team.

“Why is it difficult having the likes of Aliko Dangote, Atendo Peterside and Tony Elumelu in the first team?” said one of the commentators, while reacting to the news of a parley between government economic team and the private sector.

But the Vice President addressing the gathering stated government’s determination to adopt policies that would boost businesses, increase employment and provide succour to the poor and disadvantaged.

Minister for Budget & National Planning, Senator Udoma Udo Udoma, told reporters that the economic management team is in the middle of consultations to develop the new mid-term economic framework.

According to Laolu Akande Senior Special Assistant-Media & Publicity to the Vice President, the EMT will be meeting weekly and will also hold special consultations with members of the private sector and other economic experts from time to time.

 

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