Last year we asked, what happened to the Economic Advisory Council President Muhammadu Buhari inaugurated on September 16? Likewise we asked, what role did they play in some economic policies that the federal government enacted after the council’s establishment?
This year we ask: can the EAC really influence the substance and delivery of economic policies? These “technopols” – technocrats playing in the political space, according to economists Jorge Dominguez and Richard Feinberg – have the sole responsibility to pilot the current administration on an economic growth path for the general good.
Nigeria celebrated the arrival of a new year just last week with resounding shouts of “Happy new year!” from its citizens as they hoped for a better and a prosperous year. However, we can’t forget so soon that the end of 2019 didn’t bring an end to threatening economic issues the country faced, instead, we carried over these challenges coupled with fresh ones the new year may hold.
It is thereby imperative for Buhari to give room for economic stimulating suggestions from the EAC, given the calibre of personalities on the team. Industry experts have established the fact that Nigeria only scaled through the year 2019 as outlook for 2020 remains bleak based on some global and domestic economic indicators.
The presidential EAC replaced the Economic Management Team hitherto chaired by Vice President Prof Yemi Osinbajo. However, since their inauguration, the country is yet to feel the impact of the team in birthing market moving policies.
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 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.”
PEAC ran its first quarter in December last year. 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 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?
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