President Muhammadu Buhari, on Tuesday, August 2, gave up on his Economic Management Team, as he unwittingly directed it to seek for private sector support to rejuvenate the dying economy.
Post-Nigeria, gathered that the development is coming at a time when the President and his Economic Team, had failed in addressing the nation’s economic woes, as the economy is currently in recession.
According to a close source at the Presidency, it took the President’s Economic Team a great deal to accept that it apparently does not have the solution to Nigeria’s present economic woes, as all efforts expended so far to bounce back the economy for months, have proved counter-productive.
The meeting which was presided over by Vice President, Yemi Osinbajo, had in attendance the Chief Executive, Financial Derivative Company Limited, Bismarck Rewane, the Director General, West African Institute for Financial and Economic Management, Akpan Ekpo; Chief Executive Officer, Economic Associates, Ayo Teriba; Prof Badeye Sani and Bode Augusto.
Post-Nigeria, gathered that the development is coming at a time when the President and his Economic Team, had failed in addressing the nation’s economic woes, as the economy is currently in recession.
According to a close source at the Presidency, it took the President’s Economic Team a great deal to accept that it apparently does not have the solution to Nigeria’s present economic woes, as all efforts expended so far to bounce back the economy for months, have proved counter-productive.
The meeting which was presided over by Vice President, Yemi Osinbajo, had in attendance the Chief Executive, Financial Derivative Company Limited, Bismarck Rewane, the Director General, West African Institute for Financial and Economic Management, Akpan Ekpo; Chief Executive Officer, Economic Associates, Ayo Teriba; Prof Badeye Sani and Bode Augusto.
Speaking to journalists after the closed door meeting, the Minister of Budget and National Planning, Udoma Udo Udoma, said the Economic Team was in the middle of consultations to develop a mid-term economic framework.
He noted that the experts made presentations to the Economic Management Team, on their response to the draft Medium Term Economic Framework, MTEF, which was still a consultative document.
He said, “It 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 feed back in terms of how best to make sure that we come out of this recession.
“That we get the best possible MTEF (Medium Term Economic Framework).
“The Fiscal Responsibility Act requires us to do so.
“On Thursday, we will be meeting in Lagos with private sector to continue with the consultations,’’ Udoma said.
While acknowledging that the Economic Team had met with some Non-Governmental Organisations, NGOs, last week, Udoma, disclosed that at the end of the consultations, the Federal Government would come out with a programme which had received the “buy-in’’ of many Nigerians.
“That was what this process was about,’’ he added.
He noted that the experts made presentations to the Economic Management Team, on their response to the draft Medium Term Economic Framework, MTEF, which was still a consultative document.
He said, “It 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 feed back in terms of how best to make sure that we come out of this recession.
“That we get the best possible MTEF (Medium Term Economic Framework).
“The Fiscal Responsibility Act requires us to do so.
“On Thursday, we will be meeting in Lagos with private sector to continue with the consultations,’’ Udoma said.
While acknowledging that the Economic Team had met with some Non-Governmental Organisations, NGOs, last week, Udoma, disclosed that at the end of the consultations, the Federal Government would come out with a programme which had received the “buy-in’’ of many Nigerians.
“That was what this process was about,’’ he added.
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