Deji Elumoye in Abuja
President Bola Tinubu, yesterday, listed eight priority areas for urgent attention, saying the task of turning around Nigeria’s economy from the age-long status of “potential to pragmatic” has started with the removal of fuel subsidy and unification of exchange rates.
Tinubu spoke at the State House, Abuja, while inaugurating the National Economic Council (NEC), an advisory body comprising the 36 governors, Governor of Central Bank of Nigeria (CBN), and other stakeholders. He urged governors across the 36 states to support the mission.
The NEC, chaired by Vice President Kashim Shettima, proposed palliatives for workers and vulnerable groups in the country, to cushion the effects of fuel subsidy removal, in strict adherence to the president’s order. Bauchi State Governor, Senator Bala Mohammed, who disclosed this, said the council considered recommendations from the National Salaries, Incomes and Wages Commission to pay N702 billion as cost of living allowance to civil servants as part of the intervention plans.
Mohammed also announced the setting up of a committee by NEC to work out, within two weeks, modalities for organising and distributing the palliatives. He noted that the council also discussed the possibility of obtaining funds from the World Bank and London partners to implement the programme of Compressed Natural Gas (CNG) for vehicles in the country as part of measures to bring down the price of fuel.
Meanwhile, Tinubu appointed Nuhu Ribadu, Dele Alake, Wale Edun, and five others as Special Advisers, more than two weeks after his inauguration as president.
The president, also yesterday, held a meeting with former Head of State, General Abdulsalami Abubakar; deposed Emir of Kano, Lamido Sanusi; and former Osun State Governor, Chief Bisi Akande, at State House, Abuja.
Inaugurating the NEC, the president called for collective frameworks that would stimulate a buoyant economy that meets the needs of the poor and vulnerable. He assured the governors that his government would address the issues that devalued the lives of Nigerians, with a focus on security, economy, jobs, agriculture, infrastructure, monetary policy, and fuel subsidy.
According to him, “It is worthy of note that the monthly meeting of NEC, chaired by Vice President Kashim Shettima, has remained officially the economic platform for robust dialogue among the federal government, the 36 governors, the CBN, and other key stakeholders.
“In my inaugural speech of May 29th, 2023, I expressed this administration’s commitment to improving the lives of Nigerians in a manner that not just reflects our humanity, but encourages compassion towards one another and duly rewards our collective efforts to resolve the social ills that seek to divide us.
“I also listed the principles that will guide our administration and it is as follows: to be impartial and govern according to the constitution and ensure the rule of law; to defend the nation from terror and all forms of criminality; to promote economic growth and development through job creation, food security and putting an end to poverty.
“To prominently feature women and youths in all our activities to take proactive steps, such as championing a credit culture, and to discourage corruption while strengthening the effectiveness and efficiency of various anti-corruption agencies.”
The president noted that policies and programmes of the government would be driven by compassion for the less privileged and more inclusivity, and women and youths would be involved in the design and implementation of programmes that impact their lives.
He stated, “It is evident that the task of growing our economy is enormous, but you and I asked for it. We campaigned for it, we even danced for it, we begged for it, so we have no reason to complain. We must harness the growth potential of Nigeria and bring about serious development that will take us from ‘a potential nation’ to a pragmatic economic development in a rapid manner.”
Tinubu urged NEC to stimulate ideas, through robust discussions, that would improve the livelihood of Nigerians, while highlighting the need for interventions on poverty.
“Members of this country are behind us, they want reform and they want it quick to impact their lives,” he added.
Rallying the governors for national development, the president said, “Collaboration is not a crime, please, let’s do it.” He noted that the three tiers of government would need to be involved in economic development, in order to ensure inclusiveness, collectivity, and ownership of policies and programmes.
Tinubu said, “The National Economic Council was established by the provision of the constitution of the Federal Republic of Nigeria, as amended. As one of the key bodies of the federal government, NEC has the mandate to advise the president on the economic affairs of the federation on appropriate measures for coordination of economic plans and programmes of the government Ministries, Departments, and Agencies.”
Tinubu emphasised that significant steps had been taken by ending fuel subsidy and unifying the foreign exchange rates.
He said, “This government will continue to transform the fortunes of our nation and bring about unprecedented development through good governance. We are committed to sustainable initiatives and programmes that will stimulate the rejuvenation of the economy without causing inflation. The plans and ideas we have presented, underscore our confidence and ability to meet the challenges of the day and pave the way for a better future.”(THIS DAY)
