Is the Economic Advisory Council in situ?

What has happened to the Economic Advisory Council President Muhammadu Buhari inaugurated on September 16? Did they play any role in some of the economic policies that the federal government has announced since their establishment?

Specifically, were they part of the visa-on-arrival policy announced December 12 in Aswan, Egypt?
Doyin Salami, a renowned economist leads seven other respected economists in the Presidential Economic Advisory Council (PEAC). PEAC replaced the Economic Management Team hitherto chaired by Vice President Prof Yemi Osinbajo. They met with the President in October following their inauguration in September. Since then, the country has yet to hear from or about them.

A significant foundational task President Muhammadu Buhari charged the Presidential Economic Advisory Council with is gathering data on the economy. Mr President alleged that the existing data on Nigeria, particularly those published by multilateral agencies, does not reflect the reality. The government believes the data does not speak to what it has contributed in the last four years. PMB said generating and publishing this data is “the most important national assignment”.

The President stated, “Some of the statistics we get relating to Nigeria are wild estimates and bear little relation to the facts on the ground. This is disturbing as it implies we are not fully aware of what is happening in our own country. We can only plan realistically when we have reliable data. As you are aware, as a government, we prioritised agriculture as a critical sector to create jobs and bring prosperity to our rural communities. Our programs covered the entire agricultural value chain from seed to fertiliser to grains and ultimately, our dishes. As you travel in some rural communities, you can see the impact. However, the absence of reliable data is hindering our ability to upgrade these programmes and assure their sustainability.”

Another task concerned the Social Investment Programme of the PMB administration. The President also wants accurate data on funds deployed here and, particularly, the integrity of funds infused by foreign agencies. However, he charged the new Minister of Humanitarian Affairs with the primary duty of gathering data in this area.
PEAC has run its first quarter this December. One of its key deliverables is generating quarterly reports on the economy in addition to meeting with the President monthly. We wonder how far it has gone with its assignment. Nigerians would like to hear from the PEAC.

How has it balanced the conflicting mandate of being the primary generator of data on the economy versus the agency with the statutory mandate for economic data, the National Bureau of Statistics? How often has the PEAC met with its principal in the last three months? What are the views and recommendations of the PEAC regarding the direction of the Nigerian economy?

For the first time in a long while, the federal government has commendably passed the budget in record time. Budget implementation should commence with a return to the January-December cycle by January 2020, a few days hence. The nation would look forward to some guidance from this distinguished body of experts on how to implement the 2020 budget.

It is crucial for Nigeria that the Presidential Economic Advisory Council confirms that it is active and carrying out its remit. They should share some information, even snippets, that assures that such a significant body is following an accurate compass. Most importantly, how far has it gone with “the most important national assignment” of generating credible data on the economy?