Buhari’s economic management team unveiled

President Muhammadu Buhari’s economic management team which is finally about to be constituted, almost nine months since the new administration, will consist of Kemi Adeosun, minister of Finance;  Udoma Udo Udoma, minister of Budget and National Planning, Okechukwu Enalemah, minister of Industry, Trade and Investments; and Babatunde Fashola, minister  of Power, Works and Housing.

The long awaited team will also comprise  Godwin Emefiele, governor of the Central Bank, Abraham Nwankwo  director-general, Debt Management Office (DMO), as well as representatives from a few other agencies which  deal directly with the economy and the special adviser on Economic Affairs, possibly to be appointed.

The team will be chaired by Vice President Yemi Osinbajo, who is in charge of the economy.

Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity, who spoke to BusinessDay on the constitution of the the Economic Management Team (EMT) said the Presidency prefers to run a lean team that would get the job done quietly.

Referring to the possible inclusion of technocrats and private hands, Akande said “the important thing is to consult. If you are waiting for what you had in the past, where you had a big show, and then you bring people from the private sector and say they are also members of the EMT, no; although government is government, this economic team that is manned by the VP, on the instruction of the President, is engaging the experts, the private sector”.

BusinessDay had last week reported the constitution of an Economic  Management Team by the President Muhammadu Buhari led government, to give the much-needed guidance on economic policies for the country.

However, Akande insisted that the EMT has been on the ground ever since the constitution of the Federal Executive Council (FEC) stating that there was no need to make a public show of it.

He disclosed that there would be less engagement of private sector hands like it was in the past administration. However, technocrats and analysts would be drafted in as consultants.

“It did not take the government so long to constitute the team, the team has been there since the Federal Executive Council was formed.

The economic team has been working,” he said, adding that the President had during a dinner with Senators, last year, spoken of a committee being put together by the Vice President “that is the economic team”.

“It is the work that has to be done that is being done. This is a government that is not interested in making a show. We just want to get the job done. There is serious work to be done and it is not time for media fancies, showing off and saying look at us, we rather want to get the job done and we are more interested in going to do the job.

“The President and Vice President gave their commitment while they were campaigning, they made promises. It is time to work and they have been working” he added.

On the members of the team, Akande said the team would consist mostly of ministers whose ministries directly affect the economy. They include the ministers of finance, budget and planning, industry trade and investments, those dealing with infrastructure, people from the CBN, the CBN governor, DMO and other agencies and there is also a Special Adviser on Economic Affairs.

Referring to the possible inclusion of the technocrats and private hands, Akande said “the important thing is to consult. If you are waiting for what you had in past where you had a big show, and then you bring people from the private sector and say they are also members of the EMT, no, although government is government, but this economic team that is manned by the VP, on the instruction of the President, is engaging the experts, the private sector”.

He added that the team has held meetings with  private sector chieftains, economic experts, some of the folks that are well known that give analysis, they have had several meetings with them. “All of these things are going on, but we are not keen to make a show of it.

We just want to get the job done. The job will speak. So yes there is engagement with people from the Private Sector, but not as you have seen in the past, not actively” he added.

The Economic Management Team is an idea propagated by former President Olusegun Obasanjo’s regime to issue guidelines for the best way possible on economic policies and implementations. Though not constitutionally binding, the concept was borrowed by subsequent regimes which constituted the team to act as a think-tank for economic transformation and social development.

Elizabeth Archibong