Frustrated, Buhari considers economic conference

The dwindling fortunes of the nation’s currency which has dropped drastically coupled with the price of crude oil which has continued to drop since 2014 may have compelled President Muhammad Buhari to approve the convocation of an economic conference.

A top government official who pleaded anonymity, told reporters in Abuja yesterday that President Buhari will participate actively in the conference which has been tentatively fixed for March 10 and 11.

Nobel laureate, Professor Wole Soyinka had recently called on Buhari to summon an emergency economic meeting to proffer sustainable solutions to rescue the nation’s economy.
But sources say the idea of an economic conference was first brought to the fore at the 65th National Economic Council staged on the 28th of January which was presided over by Vice President Yemi Osinbajo and had in attendance state governors, the Central Bank Governor, some ministers and the Secretary of the Federation as members.
Read also: Nigerian economy not encouraging – Soyinka
At the meeting, the NEC which has a constitutional role of advising the President on economic matters, called for the convening of an economic conference to seek a way through the prevailing economic downturn.

The source said the NEC members had in their deliberations called for a major conference, where the current economic situation of the country could be thoroughly discussed by all the states and the Federal Government.

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He said the views of the private sector and non-state actors would also be sought at the conference.
The source explained that well-respected global experts were expected at the conference to aggregate the views of other governmental, inter-governmental and non-governmental institutions.

The government official stated, “The NEC retreat, as is being called by the Federal Government and the states, becomes imperative amid dwindling oil prices with a direct and significant impact on the money now available for federal allocation and sharing between the FG, states and local government councils.”

He added that another concern of the FG and the states necessitating the economic conference is the drop in foreign reserves of the country, which is now already below $30bn and compelling the CBN to adopt tough forex measures, including the ban on certain items from forex funding and rationing.

He added that it was the President’s expectation that the conference would be solution-centered and also create an opportunity to rally the nation, the FG, states and private sector together for a clear and mutually beneficial economic direction.

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