Buhari to Economic Council: do more to develop Nigeria

THE Presidential Economic Advisory Council (PEAC) was directed to develop more strategies that will put the country on a sound economic lever by the President.

President Muhammadu Buhari gave the directive during a virtual audience he granted the Prof Doyin Salami-led PEAC.

The President, according to a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, expressed appreciation to the council for the outstanding support and guidance it had been providing, which he described as a ‘tutorial’.

He said: “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 the Gross Domestic Product (GDP).”

Making a presentation to the President, the Council commended the administration for implementing several of its recommendations, even as it presented the government with a number of tough choices to make in order to put the economy on a higher growth path.Prof. Salami, who led the presentation, specifically expressed delight with the ongoing review of the Medium Term Expenditure Framework (MTEF) and the 2020 Budget in view of the disruptions   caused by COVID-19; the deregulation of the pump price of Premium Motor Spirit (PMS); approval for the implementation of the Oronsaye Report on the need to rationalise and restructure federal ministries, departments and agencies (MDAs), as well as the adjustment of the exchange rate of the naira.

He, however, noted that more needed to be done to increase efficiency, coordination and accountability on the part of MDAs.

The Nation