President Muhammadu Buhari has received the report of the
Economic Sustainability Committee (ESC) with a pledge that the Federal
Government will continue to implement measures meant to safeguard the economy.
The Economic Sustainability Committee, chaired by
Vice-President Yemi Osinbajo, was inaugurated by the president on March 30 in
response to the threat of the most severe economic downturn in the nation’s
history, largely caused by the COVID-19 pandemic.
The committee was specifically charged with the
responsibility of developing a clear Economic Sustainability Plan in response
to challenges posed by the COVID-19 pandemic, and to propose monetary policy
measures in support of the plan, among others.
President Buhari, who lauded Nigerians for their resilience
and adapting to the realities of COVID 19, noted that the emergence of
coronavirus threw the entire world into serious economic crisis and hence
making things difficult.
“While the COVID-19 pandemic spread through our towns and
cities, it continues to take a massive toll on the economy.
“I know that many of us have experienced great difficulty
during this time, businesses have considerably slowed down and in certain
instances, operations closed, workdays have been cut short and personnel
liberties restricted, people have lost their jobs and earning a living has
indeed been difficult.
“This has been a trying time for those in the informal
sector, which constitutes a large part of our economy, important family
celebrations were held without the presence of loved ones, schools are closed
and parents have had to resort to homeschooling in addition to juggling other
responsibilities.
“Despite all these, Nigerians have done their best and
persevered. I must salute Nigerians for their resilience in adapting to the
realities of the COVID-19 effect while also recognizing the superhuman efforts
of our frontline health workers who continue to play a critical role in keeping
our country and people safe.
“Non-oil incomes largely made up of taxes are also
dramatically reduced on account of the lockdown.
“It is clear that businesses face the prospect of collapse
so we must prepare for difficult times, while government continues to seek ways
of supporting businesses and industry,” he said.
President Buhari appreciated the committee’s good work,
where it made some important recommendations that can serve as a national plan
to the nation.
He noted with delight that the Economic Sustainability
Committee had consulted with both the National Economic Council and the
National Assembly.
“I look forward to a continuing partnership with both organs
to implement what I consider a national plan.
“As we move forward, we must chart a new course and remain
steadfast. I believe the priorities contained in this plan, presents a
practical way of achieving our desire of a truly competitive economy that can
support our people and secure our future.
“I congratulate the Economic Sustainability committee for
completing this critical national assignment in good time. I believe that with
God’s help and in a sense of duty to prosperity we will successfully reset our
economy for a brighter future,’’ he maintained.
Speaking while presenting the report, Vice-President Yemi
Osinbajo, who chaired the Economic Sustainability Committee, said the committee
consulted widely and received memoranda from members of the Presidential
Economic Advisory Council, the 36 State Governors and leadership of the
National Assembly.
He revealed that the committee also took into account
existing government policies and strategies, including the Economic Recovery
and Growth Plan (ERGP); Report of the Economic Crisis Committee (headed by the
Minister of Finance, Budget & National Planning); The Finance Act 2019;
Central Bank of Nigeria (CBN) proposals; and the National Economic Council
Report on the COVID-19 Crisis.
Osinbajo stated that the Economic Sustainability Committee
was motivated by the president’s directive to come up with a plan that would
provide succor to Nigerians, taking into account the dangers posed to the
economy by the global economic slowdown.
He said this had also resulted in a drastic fall in crude
oil production and prices, with serious implications for government revenues
and foreign exchange earnings.
According to him, the key to the success of this plan is
‘implementation’, “making sure that we execute the Plan faithfully and working
in collaboration’’.
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