Buhari may soon name Economic Management Team

There are indications that President Muhammadu Buhari is putting together his Economic Management Team (EMT) to help him articulate economic ideas and policies to fast-track development, as criticisms mounts on the Federal Government’s lack of economic direction.

The first few members of the team held a first unofficial meeting with Vice President Yemi Osinbajo, Monday behind closed doors at the Presidential Villa. This was one of the first meetings, Osinbajo who arrived the office at about 9 am Monday morning, held in his announced capacity as acting President.

the constitution of  the team, it was gathered, was necessitated by concerns raised by governors at their last Governors Forum, and subsequently the National Economic Council meeting chaired by the Vice President, on the lack of direction of the economy.

A source who preferred anonymity told BusinessDay  that the team would be officially uncovered soon, as government is eager to run with new economic policies to stabilise the economy.

Some of those who were noticed at the meeting, were the ministers of Finance, Kemi Adeosun, Budget and National Planning, Udo Udoma, Trade and Investment, Okechukwu Enelamah, Central Bank Governor, Godwin Emefiele, Minister of State for Petroleum Resources, Ibe Kachikwu, amongst other Presidential staff.

The Economic Management Team is an idea propagated by former President Olusegun Obasanjo’s regime to issue guidelines for the best way possible to work on economic policies and implementation. Though not constitutionally binding, the concept was borrowed by subsequent regimes which employed the team members to act as a think-thank for economic transformation and social development. Deliberating and advising the government on economic policies, direction and development is usually their main focus.

It is however not clear if the Buhari administration will tow the line of its predecessor, to draft in technocrats and hands from the private sector into the team.

Economic Analysts and other watchers have consistently critiqued the lack of direction of the current administration, which they say is weighing on and slowing down investment direction in the country.

The National Economic Management Team, as it was referred to in the Goodluck Jonathan administration, is similar to the Council of Economic Advisers (CEA) in the United States, an agency domiciled within the Executive Office of the President and it advises the President of the United States on economic policies and direction.

The team under President Jonathan was chaired by the former Coordinating minister for the         Economy and Finance Minister, Ngozi Okonjo-Iweala. Other members were Minister of National Planning, Minister of Trade and Investment, Minister of Power, Minister of Petroleum Resources, Minister of Agriculture, Minister of Works, Minister of Education, Minister of Health, Minister of State, Finance, Minister of State, Health, Governor of the Central Bank of Nigeria, Chief Economic Adviser to the President, Special Adviser to the President on Monitoring and Evaluation, Director-General, Budget, Director General, Debt Management Office, Director General, Bureau for Public Procurement, Director General, Infrastructure Concession Regulatory Commission,  Director General, Bureau of Public Enterprises, Honorary Adviser on Agriculture and Governor of Adamawa State, Honorary Adviser on Finance and Governor of Anambra State, Honourary Adviser on Economy and President, Nigerian Economic Society, Chairman of the Federal Inland Revenue Service and Security & Exchange Commission, President – Manufacturers Association of Nigeria.

Others included industrialists and technocrats like Africa’s richest man, Aliko Dangote, Aigboje Aig Imoukhuede, oil baron – Femi.

Elizabeth Archibong