President Muhammadu Buhari has told the Ministries, Departments, and Agencies (MDAs) to ensure there is coordination among them, as lack of synergy would no longer be accepted by his administration. The President disclosed when he met with the Economic Advisory Council (EAC) on Thursday.
He said, “We are working for the country, not for personal interests. We have the same objective of service to the people and we will resolve this.”
A number of challenging opportunities facing the economy were also outlined and discussed at the meeting with the aim of proferring possible solutions to them.
The Professor Doyin Salami-led eight-member council expressed its concerns as it lamented that the economic growth rate was slow in contrast to the population rate that was growing at a faster pace.
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According to a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, Buhari addressed the concerns and assured that his administration would be bound by their advice on economy-related matters.
Other concerns: The council also expressed its views on borrowing, macroeconomic stability and the need to provide a friendly climate for foreign investment.
“We need an environment that will attract investment. People will come only when they feel confident and when they come, their exit will not be challenging,” Salami said.
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The council advocated for the need to focus on legacy projects by the administration before 2023.
While reviewing the council’s work, the President commended the work done so far as he assured that he would begin to take action on their recommendations.
“I am highly pleased based on what I have read in your Executive Summary with the painstaking thoroughness of your preliminary report. I have noted the salient points of your report and these will be incorporated in government economic policies,” Buhari said.
President Buhari also spoke on challenges confronting the economy and the tasks before the council members and highlighted the complexities of the economy and how a little change in economic policies can destabilise a whole economy. He buttressed his points by citing an example.
“The economy is the most delicate and sensitive of all aspects of national life. A little change in the matrix can lead to major disruptions in the national economy. For example, international changes in oil prices, bad harvests, conflicts in strategic global locations, a major epidemic or pandemic like the current Coronavirus, tariff changes in major world economies, to mention only a few examples that readily come to mind, can significantly affect our plans.”
Buhari added that the EAC should now brief him more frequently, at least once every six weeks, instead of once every quarter. He appreciated the members of the council for their patriotism and commitment in accepting the challenging responsibilities conferred on them.