Economy Recession: Buhari Resolves To Expand Consultation on Headway

Posted by African Examiner Featured, Latest Headlines, News Tuesday, August 2nd, 2016

By Ganiyu Nasirudeen

…EMT Meets With Finance Experts

ABUJA, NIGERIA (AFRICAN EXAMINER) – Despite the absence of private individuals in his Economic Management Team (EMT), President Muhammadu Buhari has pledged to extend his consultation on the way forward over the lingering economic recession which is biting harder in Nigeria.

This hint was dropped Tuesday by the Vice President Professor Yemi Osinbajo at a closed door meeting the EMT had with some economic and financial experts.

In a statement by the VP Media aide, Mr. Laolu Akande, the President was being quoted to have declared that he would continuously consider and adopt policies that would boost business, increase employment and provide succour to the poor and less privileged.

Prof. Osinbajo quoted President Buhari to have said: “We will continue to engage with experts and other stakeholders so we can measure progress of the economic policies that have been put in place.

“The challenges are many but the opportunities are much greater.

“We are clearly on the path to building an economy that will create jobs and ensure inclusive growth”.

The crucial meeting reviewed the flexible foreign exchange regime; its effect on the economy as well as the draft Medium Term Economic Framework for 2017-2019.

Mr. Akande indicated that EMT members and the experts made suggestions on how to stimulate the economy, especially through massive infrastructural spending with active private sector participation; ensure pro-people economic policies, increase the supply of dollars to the FOREX market among other measures.

The statement also quoted the Minister of Budget and National Economic Planning, Senator Udo Udoma, confirming the session and said: “The meeting is part of a comprehensive consultation process that we are embarking on to make sure that we reach out to a wide spectrum of Nigerians to get a feedback in terms of how best to make sure that we come out of this recession.”

Mr. Akande listed Mr. Bismarck Rewane, Mr. Bode Augusto, Prof. Akpan Ekpo, Dr. Ayo Teriba and Prof. Badayi Sani as the experts who attended the meeting.

Federal Government (FG) EMT comprised the VP who is the Chairman; Finance Minister, Mrs. Kemi Adeosun; CBN Governor, Mr. Godwin Emefiele; Budget Minister, Sen. Udoma and the National Economic Adviser to the President.