A committee tasked with advising the federal government, subnationals, and the private sector on economic matters has been established by President Bola Tinubu.
This came from discussions that took place on Sunday night at the State House in Abuja between the President and important stakeholders.
The decision was made as the cost of living crisis has gotten worse due to the declining value of the naira, rising inflation, and other economic constraints.Mr. Tony Elumelu, the chairman of United Bank for Africa, and Aliko Dangote, the chairman of Dangote Group, are two notable members of the private sector who made the list.
The objective, according to Tinubu, who spoke at the meeting on behalf of the federal government, is “to provide additional efforts” in order to stabilize the economy and guarantee Nigerians the “best economic future.
“He remarked, “To breathe new life into the economy, let us examine what we are doing right and wrong. This nation’s citizens are the only ones we need to please, as I have stated numerous times.
Realizing that everyone will have to fetch water from the same well worries us all, including students, parents, farmers, and traders. We will give the oppressed Nigerians hope and assurance that economic recovery is imminent by looking for extra initiatives that might be helpful.
We do not claim to know every solution. However, we will not be held accountable for not trying. We promise Nigerians that we will work tirelessly to implement our Marshall Plan and create the best possible economic future for this nation.Tinubu talked about the exchange rate, job creation, and food security during the meeting.Dangote, a member of the committee’s private sector delegation, stated that Sunday’s gathering gave participants a chance to define their precise responsibilities within President Tinubu’s Renewed Hope Agenda.
He clarified, saying, “I believe our meeting was excellent. We mostly talked about the nation’s security, food security, and economy. We had a thorough conversation about everything.
“The newly formed Economic Presidential Advisory Committee will examine and resolve all matters, starting with job creation and food security.In light of this, each of these topics has been thoroughly covered.
We are a great country, and while I can not tell you all the details just now, we are hopeful. We will take action because we know what it takes to revive the economy.
Elumelu further stated that putting the decisions reached into action “will have propel our economy and help alleviate the poverty in the land, help create employment and help put food on the table of Nigerians.
“The committee and the President had open and in-depth discussions regarding the foreign exchange rate, according to Abdul Samad Rabiu, Chairman of the BUA Group.We talked about ways to lower the foreign exchange rate because, as we all know, it is artificial.
Rabiu made this point while citing the recent fluctuations in the value of the naira relative to the dollar. Although the CBN is doing a lot, it is manipulative. Thank God.To lessen the suffering of Nigerians, states have indicated their willingness to collaborate with the federal government’s welfare initiatives.
They stated that the advisory committee’s choice would only be implemented if execution is given top priority.Ogun State Governor Dapo Abiodun declared, “As a governor, I can assure you that all hands are on deck. In order to ensure that the president makes the required intervention to lessen the impact of what we are going through while we wait for the evidence and implementation of the fiscal and monetary policies already in place, all governors have decided to work together.
“We are bringing in rice and other food items in my state and other states, and we are selling them at prices that can be obtained prior to the collapse of the naira.
Therefore, until we start to see the results of the fiscal and monetary policies, we will continue to take all these steps to help the average person.
According to Anambra State Governor Charles Soludo, 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 private sector “will play a very significant role” in bringing practical recommendations to the President on economic matters, according to Mr. Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria.
