Abdulfattah Olajide
14 January 2009
A new national economic management framework aimed at dealing holistically with the impact of the global economic recession on Nigeria has been established by President Umaru Musa Yar'adua.
The framework will be implemented by a Presidential Steering Committee constituted yesterday by the president.
Announcing the new framework yesterday in Abuja, the Special Adviser on Media and Publicity to the president, Mr Olusegun Adeniyi, said the committee chaired by President Yar'adua himself, would work with a reconstituted and reinvigorated National Economic Management Team headed by the Minister of Finance, Dr. Mansur Mukhtar.
Members of the Presidential Steering Committee include Governors Babatunde Fashola of Lagos State, Isa Yuguda of Bauchi State, Adams Oshiomhole of Edo State and Bukola Saraki of Kwara State.
Also on the committee are the Ministers of Finance, National Planning, and Petroleum, as well as the Chief Economic Adviser to the President, Dr. Tanimu Kurfi; and the Governor of the Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo.
Others are the President of the National Economic Summit Group, Mazi Sam Ohuabunwa; Mr Bismark Rewane, an economist; Mr Tony Elumelu, representing the Bankers' Committee and Alhaji Aliko Dangote, representing industrialists.
President Yar'dua will formally inaugurate the committee and preside over its first meeting on Thursday, Adeniyi said.
Adeniyi said that the economic management team would establish technical working groups as might be required in accordance with the objectives which underpinned the new framework.
He said that the Presidential Steering Committee would assess the impact of the global economic crisis on Nigeria with particular reference to its annual budget, financial and commodity markets.
Adeniyi said that the committee would also recommend appropriate macro-economic policy responses to further stimulate the economy while identifying more practical measures to shore up the confidence of investors and increase production in the real sector.
The committee would also examine related issues such as unemployment, poverty alleviation, food availability and sustainable debt position.
Also in its terms of reference is to make recommendations on any other issues or actions that may be required to tackle the recession.
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President YarAdua should have done this on day one of his first 100 days of honeymoon, way back in May 2007 instead of biding his time to allow the Courts to waste our precious time to tackle the temper tantrum of the whining oppositions' selfish ambition in their attempt to overturn the more than 70% mandate given to YarAdua and his Vice. If YarAdua is to redeem himself, he should reverse all the concessions he's given to the corrupt elements that he proactively protected, restore and acknowledge Ribadu as a national hero, fire Andoaakaa and Okiro for misleading him. Short of that, then Mr. President do not deserve our respect. There is still time...