Wealth Creation
President Yar’Adua establishes new national economic management framework
Jan 13, 2009, 13:46
| | President Umaru Musa Yar’Adua has established a new national economic management framework with a Presidential Steering Committee at its apex. This is in a bid to give greater effect to efforts by his Administration to deal in a more holistic and well-coordinated manner with the impact of the global economic recession on Nigeria.
According to a release by the Special Adviser to the President (Media and Publicity) Olusegun Adeniyi on January 13, the Committee which will be chaired by President Yar’Adua himself will work with a reconstituted and reinvigorated National Economic Management Team headed by the Minister of Finance, which will establish technical working groups as may be required in accordance with the objectives which underpin the new economic management framework.
Its terms of reference are as follows:
1. To assess the impact of the global economic crisis on Nigeria with particular reference to the nation’s annual budget, financial and commodity markets, etc;
2. To recommend appropriate macro-economic policy responses that can further stimulate the economy;
3. To identify more practical measures aimed at shoring up the confidence of investors and increasing production in the real sector;
4. To examine other related issues such as unemployment, poverty alleviation, food availability and ensuring a sustainable debt position; and
5. To make recommendations on any other issues or actions that may be required.
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, as well as the Ministers of Finance, National Planning, and Petroleum.
Others are the Chief Economic Adviser to the President, Dr. Tanimu Yakubu Kurfi; the Governor of the Central Bank, Professor Chukwuma Soludo; 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 Nigerian Industrialists.
President Yar’Adua will formally inaugurate the committee and preside over its first meeting on Thursday, January 15, 2009.
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