Why Economic Advisory Council must collaborate with CBN

2020: Buhari presents N10.33trn budget proposal to National Assembly

Various stakeholders from all works of life within the polity have commended President Muhammadu Buhari for constituting an economic advisory council to replace the Economic Management Team chaired by the Vice President, Prof Yemi Osinbajo. The seven man council is populated by technocrats and tested economists, to be chaired by Prof. Doyin Salami, two former Economic Advisers to former President Olusegun Obasanjo; Professors Charles Soludo and Ode Ojowu (Soludo was later appointed the Governor of the Central Bank of Nigeria), Dr. Shehu Yahaya, Dr. Iyabo Masha, Mr. BismarkRewane and Dr. Mohammed Shasagi who is a Senior Special Assistant to the President on Development Policy and Secretary to the Council.

When the news broke, it brought reminiscence of the Economic Team also constituted during the second term in office of former President Obasanjo. it was that of expectations and surprise, signaling the determination of President Buhari to take charge of the economy. Two of the council members were part of the Obasanjo economic team, Professors Charles Soludo and Ode Ojowu (though at different times) which also had Dr. Okonjo Iweala, Nasir el-Rufai (Executive Governor of Kaduna State), Dr. Oby Ezekwesili, Mansur Muhtar, former Debt Managemet Office Director General and later Minister of Finance among others.

The team then gave the economy a rebirth that saw the economy growing at 6/7 percent consecutively, and through their efforts Nigeria got debt relief from Paris Club and other creditor institutions. It was one of the post-independence glorious era of Nigeria that offered a new beginning. Sadly, the momentum and commitment was not sustained by succeeding regimes.

President Buhari’s initiative to bring on board, tested, independent minded and apolitical hands to advise and help him in steering the economic ship of the country and on issues concerning internal and global economic matters is indeed maverick.

The council is also expected to work with relevant cabinet members and heads of both monetary and fiscal authorities on economic growth and job creation. The President’s action is indeed timely and signals his determination to strengthen the economy by reconstituting the team, a departure from erstwhile appointments.

The composition and professional pedigree of the council members, capped with private and public sector experience, is welcoming as they are not known to be overtly associated with any political party except Charles Soludo who strayed into the turf few years back. Their independent mindedness not shackled with bureaucracy, hopefully, will help the Buhari administration achieve its objective. Just as it was during his predecessor time, the council is to report directly to the President.

Good as the composition is, political pundits have started to see the action as politically motivated, pointing at one or two as having political leaning with the opposition party or politicians. They pointed to some as having served the present administration in one capacity or the other, some Nigerians never get satisfied or appreciate laudable actions of government. However, what no one can take away from the President’s economic team is that they have proved their mettle in their various areas of endeavour and are better positioned to provide the President with good and sound economic advice.

As commendable as the President’s decision was, one essential part of the term of reference was the charge he gave to the team to work with relevant cabinet members as well as the monetary and fiscal authorities. The synergy everyone has clamoured for, is sound fiscal policies from the side of the government to complement whatever the Central Bank of Nigeria has been doing in the last five years.

The government has pledged to provide ten million jobs within the next 10 years while the CBN through its intervention development initiatives has assured Nigerians that it will continue to support the economy and has pledged to create 5 million jobs within the next 5 years. It is the hope of this writer that efforts will be harmonised to achieve these objectives.

The Council should work and synergise with the CBN on economic revival and diversification programmme and not allow ego and unnecessary bickering that later bedeviled the Obasanjo economic team to reoccur and put asunder the ultimate goal of constituting the team. Their mission is to rescue the Nigerian economy from stagflation and unemployment. The federal government too must give them unfettered empowerment to do the job. The council must, as a matter of necessity, meet to form a common front with the CBN, particularly on its intervention models in order to breathe life back into the economy and through it come out with an economic blueprint for the government.

Gbolahan Bidemi writes from Gwagwa, Abuja.

Comment With Facebook

Comments (150)

  1. A topic close to my heart many thanks, i have been thinking about about this subject for some time.

  2. I do believe all of the ideas you’ve introduced on your post. They are really convincing and can definitely work. Still, the posts are too brief for newbies. Could you please lengthen them a bit from subsequent time? Thank you for the post.

  3. The name of the writer is Rhett Shattuck but he never really liked that concept. My family lives in Connecticut. I used pertaining to being unemployed nonetheless I am a cashier and it is something I love. To read comics is an item that I’ve prepared for years. She is running and maintaining weblog here:

  4. You actually make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand. It seems too complicated and extremely broad for me. I am looking forward for your next post, I will try to get the hang of it!

  5. I’ve been surfing online more than three hours nowadays, yet I never found any fascinating article like yours. It is beautiful value enough for me. In my opinion, if all webmasters and bloggers made just right content as you probably did, the internet will probably be a lot more helpful than ever before.

  6. Thanks for sharing your thought

  7. The author is called Rhett. I used being unemployed luckily I am a cashier and it’s something I really like. To read comics is what I do every full week. Her family lives in Vermont. If you want to find out more check out my website: #link#

  8. Thanks for the article

  9. “Having read this I thought it was very enlightening. I appreciate you taking the time and effort to put this article together. I once again find myself personally spending way too much time both reading and commenting. But so what, it was still worth it!”

  10. Greetings. I want to start by telling the author’s name – Thad. The favorite hobby for him with his fantastic kids to be able to jog but he’s thinking on starting something completely new. Supervising has been her employment for a bit and it’s something she absolutely love. My family lives in California and love routine living listed here. He’s been working on his website for a few minutes now. Give it a try here: #link#

  11. After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.

  12. The author is known by the url of Violeta but she never really liked that name. My friends say it is not good for me but what i love doing is to jog and I’ll be starting another thing along from it. For years he’s been currently in Vermont. I am currently a cashier and it is something I love. You can find my website here: #link#

  13. A motivating discussion is definitely worth comment. I think that you need to write more about this issue, it may not be a taboo matter but usually people don’t speak about these subjects. To the next! Kind regards!!|

  14. Thanks for the auspicious writeup. It if truth be told was once a enjoyment account it. Look complicated to more brought agreeable from you! However, how can we keep in touch?|

  15. Wow, awesome blog structure! How lengthy have you ever been blogging for? you made running a blog look easy. The total glance of your site is great, as smartly as the content material!

  16. Miss Friel is what’s written to be with her birth certificate and she totally digs that url. My husband and I chose to live in California. His wife doesn’t like it the way he does but what he really loves doing is researching fashion but he can’t become a success his field. Supervising has been my profession for a long while but I plan on changing the site. If you want to find out more the look at his website: #link#

  17. Wow, wonderful blog format! How long have you been running a blog for? you made blogging glance easy. The total glance of your website is magnificent, as smartly as the content material!

  18. Very good blog! Do you have any tips for aspiring writers? I’m hoping to start my own site soon but I’m a little lost on everything. Would you propose starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m totally overwhelmed .. Any tips? Appreciate it!|

  19. Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.|

  20. After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.

  21. A humidifier is included in the system to take care of the
    recommended air humidity and a thermostat on the living room wall controls the temperature.

  22. We stumbled over here by a different web address and thought I should check things out. I like what I see so now i am following you. Look forward to looking into your web page again.|

  23. Wonderful beat ! I wish to apprentice while you amend your web site, how could i subscribe for a blog web site? The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept|

  24. Violeta Shiflet is what’s written on the birth certificate and she totally digs that nick name. California is the place he loves most magnificent parents live nearby. Administering databases exactly where his primary income is taken from and his salary recently been really extremely rewarding. One of her favorite hobbies is solving puzzles along with she is attempting to building an income with it. You can always find his website here: #link#

  25. Hey very interesting blog!|

  26. Howdy! Do you know if they make any plugins to protect against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?|

  27. Nice meet up with you, I am Thomas Shattuck. His wife and him chose to live in Vermont and then he will never move. Credit authorising is how she makes money but she intentions of changing the situation. Climbing is what I do every nights. I am running and maintaining a blog here: #link#

  28. Hi! I’ve been reading your web site for a while now and finally got the courage to go ahead and give you a shout out from Houston Texas! Just wanted to say keep up the fantastic work!|

  29. It is the best time to make some plans for the future and it is time to be happy. I have read this post and if I could I want to suggest you some interesting things or tips. Maybe you could write next articles referring to this article. I desire to read more things about it!|

  30. Valuable info. Lucky me I discovered your site by chance, and I am shocked why this coincidence did not happened in advance! I bookmarked it.|

  31. It’s awesome for me to have a site, which is useful designed for my experience. thanks admin|

  32. “I say to you, I definitely get irked while people consider worriesthat they plainly don’t know about.”

Comment here