The Presidential Economic Advisory Council (EAC) on Thursday reeled out strategies to tackle difficult economic challenges ahead of implementation of the 2020 budget.
The advisory council headed by Doyin Salami, a former member of the Central Bank of Nigeria’s Monetary Policy Committee, outlined a number of challenges facing the economy and made recommendations on how to address the challenges.
Amongst other issues, the council raised concerns that the rate of growth of the country’s economy is slower than the population growth rate.
It also emphasised the need to strengthen national statistical agencies; reform procurement processes; improve education; and the need for job planning in training offered by academic institutions.
The EAC raised these issues in a report of macroeconomic importance and their views and recommendations to President Muhammadu Buhari in Abuja.
The council also brought to the government their views on borrowing, macroeconomic stability and the need to provide a friendly climate for foreign investment.
“We need an environment that will attract investment. People will come only when they feel confident and when they come, their exit will not be challenging,” Salami said.
The council resolved to focus on legacy projects by the administration before 2023.
President Buhari, in his remarks after the presentation, said “the lack of synergy between ministries, departments and agencies would no longer be accepted.
“We are working for the country, not for personal interests,” Buhari said, adding that the objective was “service to the people”.
He commended the council for its diligent work on the report.
“I am highly pleased based on what I have read in your Executive Summary with the painstaking thoroughness of your preliminary report. I have noted the salient points of your report and these will be incorporated in government economic policies,” he said.
“The economy is the most delicate and sensitive of all aspects of national life. A little change in the matrix can lead to major disruptions in the national economy. For example, international changes in oil prices, bad harvests, conflicts in strategic global locations, a major epidemic or pandemic like the current coronavirus, tariff changes in major world economies, to mention only a few examples that readily come to mind, can significantly affect our plans,” he said.
He said the EAC should now brief him more frequently, at least once every six weeks, instead of once every quarter, as he thanked the members for their patriotism and commitment in accepting the challenging responsibilities conferred on them.
He assured that his administration would be bound by the council’s advice on economy-related matters and directed the secretary to the government of the federation to immediately address observed lapses in coordination between ministries and all agencies of government.
The council has as members Mohammed Sagagi (vice-chairman), Ode Ojowu, Shehu Yahaya, Iyabo Masha, Chukwuma Soludo, Bismack Rewane and Mohammed Adaya Salisu. The two ministers in the Ministry of Finance also serve as co-opted members.
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