REVEALED: The Economic Advisory Council And What Nigerians Should Expect From Them

REVEALED: The Economic Advisory Council And What Nigerians Should Expect From Them
President Muhammadu Buhari has yet again attained another
feat that has caused lots of Nigerians to respond positively. Vice President Yemi Osinbajo, before now headed, Economic Management Team.

This advisory council will replace the current Economic Management Team (EMT) and will be reporting directly to the President. However, Nigerians in the industries have waited for a change like this due to the fact that the Osinbajo led team worked in His Excellency's first tenure as president but a new and fresh team need be created to drive the economy of Nigeria forward. Thus, the Economic Advisory Council was created whilst the Vise President, who is very strong in his field as a lawyer was exempted from the economic team.

Hoping that this new team will do the bidding of the Nation and her economy, Nigerians have beckon on the President to allow them to do their jobs and that he should listen to their advice. A much-awaited change has just begun.

Furthermore, Nigerians should expect that the Economic Advisory Council (EAC) will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

The EAC will have monthly technical sessions as well as scheduled quarterly meetings with the president. The chairman may, however, request for unscheduled meetings if the need arises. The development signals a clear departure from the Federal Government’s position in the first term of Buhari’s administration where economic policy articulation was largely divergent and the president operated without a National Economic Adviser.

Many public policy analysts believed that the situation contributed to forcing the nation’s economy into recession and the inability of the economy to rise from the recession into sustained growth. As a result of the haphazard approach, the economy hit its worst performance at -2.341 percent in October 2016.

Though recovery to positive territory was achieved in 2017, Gross Domestic Product, GDP, numbers have been sluggish at below 2.0 percent consistently, with the latest figures from the National Bureau of Statistics, NBS, showing  1.94 percent in the second quarter of 2019. It is believed that with the quality of the membership of the team, some elements of astuteness would be brought into the handling of the many challenges of the Nigerian economy if the government and the public policy executives cooperate with the Council.

Share in the comment box below what your take is on these new economic advisors of the President.

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