President Bola Tinubu set up a new economic advisory committee comprising Africa’s richest man Aliko Dangote, chairman of UBA Group Tony Elumelu, Chairman of the BUA Group, Abdul Samad Rabiu, and other notable individuals drawn from the federal government, sub-nationals and the private sector.
The committee is the outcome of the talks between Tinubu and key stakeholders at the State House, Abuja, on Sunday evening in government efforts to combat economic headwinds including the falling naira exchange rate, rising inflation, and insecurity.
“The goal is to provide additional efforts in stabilising the economy and ensuring the “best economic future” for Nigerians”, stated President Tinubu who also noted, “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 every one of us will have to fetch water from the same well. We’re looking for additional efforts that 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.”
The meeting discussed food security, job creation and the exchange rate, the three main challenges and Dangote, who was part of the private sector delegation on the committee, said Sunday’s gathering allowed stakeholders to clarify the specifics of their roles in 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 implementing the decisions made by the gathering “will propel the economy and help alleviate the poverty in the land, help create employment and help put food on the table of Nigerians.”
Chairman of the BUA Group, Abdul Samad Rabiu, revealed that the committee held frank and exhaustive discussions with Tinubu on the foreign exchange rate.
Citing the recent volatility of the naira against the dollar, Rabiu said, “We discussed 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, state governors who are part of the committee have expressed readiness to partner with the Federal Government’s welfare interventions to alleviate the hardship on Nigerians, noting that 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 are 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.”
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