This was the outcome of a parley between the President and key stakeholders at the State House, Abuja, on Sunday evening.

Speaking at the meeting, President Tinubu said the goal is to provide “additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians.

He said, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. Like I said, many times, the people of this country are the only the people who we have to please. And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well. ⁣

⁣“We’re looking for additional efforts that’s might help the downtrodden Nigerians and we will provide that hope and reassurance that economic recovery is on its way. ⁣

⁣“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our marshall plan in place and fashion out the best economic future for this country.”

This resulted from talks between the President and key stakeholders at the State House, Abuja, on Sunday evening.

The development came as the falling naira exchange rate, rising inflation, and other economic headwinds have continued to worsen the cost of living crisis.

Some of the prominent members of the private sector that made the list include the Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote.

Speaking at the meeting on behalf of the federal government, Tinubu said the goal “is to provide additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians.

He said, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. As I have said many times, the people of this country are only the people we have to please.

“And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well. We’re looking for additional efforts that’s might help the downtrodden Nigerians and we will provide hope and reassurance that economic recovery is on its way.

“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our marshall plan in place and fashion out the best economic future for this country.”

At the meeting,  Tinubu discussed food security, job creation, and the exchange rate.

Dangote, who was part of the private sector delegation on the committee, said Sunday’s gathering gave stakeholders the opportunity to clarify the specifics of their roles in President Tinubu’s Renewed Hope Agenda.

He explained, “I think we had a very good meeting. What we discussed is generally about the economy, food security, and security of the nation. We discussed everything in detail.

“The economic presidential advisory committee, which has been set up…will look at all the issues and address them, coming from job creation and food security.

“So, all these things have been discussed in detail. I can’t give you all the details right now, but we are hopeful, and we’re a great nation. We have what it takes to turn around the economy, and we’re going to do that.”

Meanwhile, Elumelu noted that by implementing the decisions made, the gathering “will propel our economy, help alleviate poverty in the land, create employment, and help put food on the table of Nigerians.”

The Chairman of the BUA Group, Abdul Samad Rabiu, revealed that the committee held frank and exhaustive discussions with the President on the foreign exchange rate.

Citing the recent volatility of the naira against the dollar, Rabiu said, “We discussed on how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial. It is manipulative and thank God the CBN is doing quite a lot.”

Meanwhile, states have expressed readiness to partner with the federal government’s welfare interventions to alleviate the hardship on Nigerians. They said the advisory committee’s decision would only yield results when execution is prioritised.

Governor Dapo Abiodun of Ogun State said, “As a governor, I can assure you that all hands on deck. All governors have resolved to join hands with Mr president to ensure that he provides the necessary intervention to cushion the effect of what we’re going through while we are waiting for the implementation and the evidence of the fiscal and monetary policies already in place.

“In my state and other states, we are bringing in rice, we’re bringing food items and selling at rates that can be obtained before the downslide of the naira. So we are going to be doing all these to bring succour to the common man until we begin to see the evidence of the fiscal and monetary policies.”

On his part, Governor Charles Soludo of Anambra State said the tripartite committee “will be meeting from time to time to evaluate how things are going and make recommendations to Mr. President and the nation as well.”

The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, affirmed that the private sector “will play a very significant role” in promulgating workable recommendations to the President on economic matters.

The post Govs, Elumelu, Dangote make Tinubu’s economic advisory panel appeared first on New Mail Nigeria.

Speaking at a meeting with the 8-man Council chaired by Prof. Doyin Salami, President Buhari charged them to focus on developing reliable data that will properly reflect what is happening in the country.

The President who called the task before the PEAC ‘‘most important national assignment”, said “As you develop your baseline study, I would like you to focus on primary data collection.

“Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies.

“Some of the statistics we get relating to Nigeria are wild estimates and bear little relation to the facts on the ground.

“This is disturbing as it implies we are not fully aware of what is happening in our own country.

We can only plan realistically when we have reliable data. As you are aware, as a government, we prioritised agriculture as a critical sector to create jobs and bring prosperity to our rural communities.

“Our programs covered the entire agricultural value chain from seed to fertiliser to grains and ultimately, our dishes.

“As you travel in some rural communities, you can clearly see the impact. However, the absence of reliable data is hindering our ability to upgrade these programmes and assure their sustainability.”

The President also used the occasion to set agenda and expectations from the Council, constituted on September 16, 2019, to replace the Economic Management Team (EMT).

On the Social Investment Programmes (SIPs), the President told members that his administration was working to measure the impact of the programme targeted at improving the well-being of millions of poor and vulnerable citizens.

As such, the President said he had directed the new Minister for Humanitarian Affairs to commence a comprehensive data-gathering exercise in all Internally Displaced Persons (IDP) camps in the North East.

“Today, we hear international organisations claiming to spend hundreds of millions of dollars on IDPs in the North East. But when you visit the camps, you rarely see the impact.

“In 2017, when the National Emergency Management Agency took over the feeding of some IDPs in Borno, Yobe and Adamawa, the amount we spent was significantly lower than the claims made by these international organisations.

“Therefore, actionable data is critical to implement effective strategies to address pressing problems such as these humanitarian issues.

“I, therefore, look forward to receiving your baseline study as this will help us shape ideas for a sustainable and prosperous future,” the President said.

On his expectations from the council, the President urged them to proffer solutions on how to move the country and economy forward.

The President directed the Council to coordinate and synthesize ideas and efforts on how to lift 100 million Nigerians out of poverty in 10 years, working in collaboration with various employment generating agencies of government.

“I am told you worked throughout last weekend in preparation for this meeting. I have listened attentively to findings and ideas on how to move the country and the economy forward.

“Yes, Nigeria has exited the recession. But our reported growth rate is still not fast enough to create the jobs we need to meet our national ambition of collective prosperity.

“Reason being we had to tread carefully in view of the mess we inherited. Many of the ideas we developed in the last four years were targeted at returning Nigeria back to the path of growth.

“I am sure you will also appreciate that during that time, our country was also facing serious challenges especially in the areas of insecurity and massive corruption.

“Therefore, I will be the first to admit that our plans were conservative. We had to avoid reckless and not well thought out policies.

“However, it was very clear to me after we exited the recession that we needed to re-energise our economic growth plans. This is what I expect from you, ” he said.

President Buhari also assured the Council that the Federal Government will ensure that all their needs and requests were met before the next technical sessions in November.

He said all key ministries, departments and agencies will be available to meet and discuss with them on how to collectively build a new Nigeria that caters for all.

“Now, no one person or a group of persons has a monopoly of knowledge or wisdom or patriotism.

“In the circumstances, you may feel free to co-opt, consult and defer to any knowledgeable person if in your opinion such a move enriches your deliberations and add to the quality of your decisions,” he said.

Chairman of Council, Professor Salami, said the mandate was about “Nigeria first, Nigeria second, and Nigeria always,” adding that it was about Nigerians, not as numbers, but as people.

He added that “Our goal is that the economy grows in a manner that is rapid, inclusive, sustained and sustainable, so that Nigerians will feel the impact.”

The post President Buhari inaugurates, sets agenda for economic advisory council appeared first on New Mail Nigeria.