Estimated Reading Time: 1
Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja, presided over the meeting of the Economic Sustainability Committee (ESC).
ESC was set up to address the economic fallout of the COVID-19 pandemic.
President Muhammadu Buhari had on March 30, set up the committee to develop a clear economic sustainability plan that would run til 2023.
The meeting is the fourth for the committee after its inauguration by the vice president on April 2.
The committee was tasked with identifying fiscal and monetary measures to enhance oil and non-oil revenues in order to fund the plan, develop a stimulus package and come up with measures to create more jobs while keeping existing ones.
The final report of the committee will be submitted to the President.
The global economy is expected to go into recession in 2020 while the International Monetary Fund (IMF) has predicted that Nigeria will go into recession to a level of negative 3.4 per cent.
The ESC, however, said that with the plans it had drawn, Nigeria would be able to return to positive growth by 2021.
Buhari had approved an initial economic stimulus package of N500 billion.
Members of the committee are Ministers of Finance, Budget and National Planning, Hajiya Zainab Ahmed, Industry, Trade and Investment, Niyi Adebayo, Labour and Employment, Dr Chris Ngige, and Works and Housing, Mr Babatunde Fashola.
Others are the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajia Sadiya Farouq and Minister of State for Petroleum Resources, Mr Timipre Sylva.
Also in the committee are the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
The Permanent Secretary, Cabinet Office in the Office of the Secretary to the Government of the Federation, Mr Babatunde Lawal is the secretary of the committee.
- SSANU suspends 3 weeks strike
- Twitter announces feature that lets you charge for tweets
- Victor Ejechi: Agricultural Production and the Development of the Nigerian Economy
- Insecurity: Buhari refuses amnesty for terrorist herders
- Kagara Abductions: ‘We are left to ourselves’ Niger Governor laments lack of support from FG
- If we don’t borrow, we will be left behind as a country – Finance Minister
- Kaduna Government says MDAs will only serve individuals with the State Residents Card, NIN
- Cattle and Foodstuff dealers begin nationwide strike
- Smart Adeyemi must apologize to Ikpeazu for calling him a ‘champagne drinking Governor’ – Theodore Orji
- ‘He who alleges must prove’ Bala Mohammed challenges Ortom