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Osinbajo presides over 4th Economic Sustainability Committee meeting

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Vice President Yemi Osinbajo Thursday presided over the meeting of the Economic Sustainability Committee (ESC) put together by President Muhammadu Buhari to address the economic fallout of the COVID-19 pandemic.

President Buhari had on March 30 set up the committee to develop a clear economic sustainability plan that would run till 2023.

The meeting which took place at the Presidential Villa, Abuja, was the committee’s fourth since its inauguration by the vice president on April 2.

Members of the committee are Ministers of Finance, Budget and National Planning, Zainab Ahmed, Industry, Trade and Investment, Niyi Adebayo, Labour and Employment, Dr. Chris Ngige, and Works and Housing, Mr. Babatunde Fashola.

Others are the Minister of Humanitarian Affairs, Disaster Management, and Social Development, Hajia Sadiya Farouq and Minister of State for Petroleum Resources, Mr. Timipre Sylva.

Also in the committee are the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari and the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

The Permanent Secretary, Cabinet Office in the Office of the Secretary to the Government of the Federation, Mr. Babatunde Lawal, is the secretary of the committee.

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The committee was tasked with identifying fiscal and monetary measures to enhance oil and non-oil revenues in order to fund the plan, develop a stimulus package and come up with measures to create more jobs while keeping existing ones.

The final report of the committee will be submitted to the President.

The International Monetary Fund (IMF) has predicted that Nigeria would go into recession to a level of -3.4 percent.

The ESC, however, said that with the plans it had put in place, Nigeria would be able to return to positive growth by 2021.

Buhari had approved an initial economic stimulus package of N500 billion for the country.

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