By Jeph Ajobaju, Chief Copy Editor
Muhammadu Buhari has again expressed concern over Nigeria’s “very terrible state of development” and is seeking more help from the Presidential Economic Advisory Council (PEAC) to get the country out of the woods.
The president expressed appreciation on Tuesday for the support and guidance being provided by the PEAC which he described as a “tutorial”, but urged the team to do more.
“We are a country characterised by a large population of poor people, serious infrastructure deficit, lack of housing and a vulnerable economy now haunted by the COVID-19 pandemic and collapse of the oil sector and its effect on Gross Domestic Product (GDP),” Buhari told a virtual audience of PEAC members.
He was speaking in Abuja at a presentation to him by the PEAC, led by its Chairman, Doyin Salami.
Salami commended the administration for implementing several recommendations made by the PEAC, and presented the government with a number of tough choices to make in order to grow the economy.
He expressed delight with the ongoing review of
- The Medium Term Expenditure Framework (MTEF) and the 2020 budget in view of the disruption caused by coronavirus.
- The deregulation of fuel pump price.
- Approval for the implementation of the Oronsaye Report on the need to rationalise and restructure ministries, departments, and agencies (MDAs).
- The adjustment of the exchange rate of the naira.
But Salami stressed that more needs to be done to increase efficiency, coordination, and accountability by MDAs.
The PEAC welcomed the Economic Sustainability Plan (ESP) produced by the Economic Sustainability Committee (ESC) headed by Vice President Yemi Osinbajo and adopted by the Federal Executive Council (FEC).
But it warned that a number of problems may arise to hamper the smooth implementation of the N2.3 trillion budget.
A statement issued by Presidential Media & Publicity Senior Special Assistant, Garba Shehu, listed the recommendations of the PEAC to include
- The ESP should be implemented using existing institutional and administrative structures.
- Attention be paid to sources of funding to avoid inflation.
- Set priorities, targets and time limits for all projects to ensure completion within the 12-month lifespan of the ESP, and roll uncompleted projects into the new Economic Recovery and Growth Plan (ERGP II).
- The ESP must promote “export-oriented production strategies”.
- Use local resources.
- Curtail post-harvest losses in agriculture now put at between 40-60 per cent.
- Make the economy attractive to “non-debt” private sector-funded investment so as to cut the rising cost of debt services.
- Embark on mass housing schemes to create jobs financed through Public Private Partnership arrangement.
- Ditch multiple exchange rates for a unified currency exchange rate.
- Continue to ease the environment of doing business in the country.
Buhari accepted the “immediate need” to activate the proposals by the PEAC in the Public Policy Coordinating office under the office of the Secretary to the Government of the Federation.
“We will continue to listen to you and do our best,” he assured the PEAC.
Other PEAC members are Mohammed Sagagi (Vice-Chairman), Chukwuma Soludo, Ode Ojowu, Shehu Yahaya, Iyabo Masha, Bismarck Rewane, and Mohammed Salisu (Secretary).