Vice President Yemi Osinbajo, on Thursday declared that
President Muhammadu Buhari’s administration was being faced with a challenge
that no government in the history of Nigeria had confronted.
Osinbajo, who was recently appoint by Buhari as Chairman of
Economic Sustainability Committee, said this while explaining what the new team
plans to achieve.
“We must communicate to our people where we are now, and
that we can no longer assume we are still where we used to be.
“We are faced with a challenge that no government in the
history of Nigeria has ever faced. So, we have to redesign our economic
planning and change our thinking”, he said at the inaugural meeting.
The team was formed to design and respond to the impact of
the COVID-19 pandemic and the crashing of oil prices in the global market.
In the last several weeks, oil prices, a critical driver of
the Nigerian economy, have crashed from the budget benchmark of $57 per barrel
to less than $20 amidst the other worsening implications of the pandemic with
forecasts of impending recession on a global scale.
Oainbajo noted that “what Mr President has asked us to do is
to devise a strategy in order to be able to keep the economy going and also
make provisions to ensure that we are able to retain jobs and indeed create
more.”
“We also need to develop the Nigerian economy in a way that
we will even take advantage of the challenges of these times and convert those
challenges to opportunities,” Prof. Osinbajo added.
Speaking on the focus of the committee and what would be
done to salvage the situation in the country, the Vice President said “what we
will need to do is something that is bold, radical and one that our people can
understand and buy into.
“We must design a broad vision that takes into account how
to implement a big plan inclusive of a focus on mass local productivity and
mass employment.
“The big plan of government is to find a way for us to be
able to do mass housing, increase agricultural production, ensure massive local
productivity by among several other options, increasing support to MSMEs, and
majorly improve avenues to put more cash in the hands of our people and also
make them productive,” the VP noted.
Committee members present at the meeting were the Ministers
of Finance, Budget and National Planning, Hajiya Zainab Ahmed; Industry, Trade
and Investment, Otunba Niyi Adebayo; Labour and Employment, Dr Chris Ngige;
Works and Housing, Mr Babatunde Fashola; the Minister of Humanitarian Affairs,
Disaster Management and Social Development, Hajiya Sadiya Farouq.
Others are Minister of State for Petroleum Resources, Mr
Timipre Silva, the Group Managing Director of the Nigerian National Petroleum
Corporation, Mr Mele Kyari; the Governor of the Central Bank of Nigeria, Mr
Godwin Emefiele and the Permanent Secretary, Cabinet Office in the Office of
the Secretary to the Government of the Federation, Mr Babatunde Lawal who is
the secretary of the committee.
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