Buhari Gets Osinbajo’s Economic Sustainability Committee Report this Week

By Onyebuchi Ezigbo

The federal government’s committee on economic sustainability, led by Vice President Yemi Osinbajo, would present an interim report to President Muhammadu Buhari this week.

THISDAY gathered at the weekend that the committee is concluding work on a preliminary report to be submitted to the president later in the week.

A presidency source said the committee report contained recommendations on interventions needed to revamp various sectors of the economy.

The source added that the committee had received the input of the Presidential Economic Advisory Council and would be incorporating it in its interim report.

He said: “The various subcommittees such as job creation, headed by the Minister of Labour and Employment; budgetary involvement in COVID-19 and post COVID-19, headed by the Minister of Finance, Budget and National Planning; private sector business growth, headed by the Minister of Industry, Trade and Investment; and easing of lockdown, headed by the Minister of Works and Housing, are expected to get their reports ready.”
THISDAY also learnt that the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, would submit a proposal on the stimulus plan being packed by the apex bank as part of its corporate social responsibility, which is about N1.5 trillion.

According to the source, all the reports of the subcommittees would be put together as a total package to the president.

He explained that the subcommittee on budget financing is working out modalities for the utilisation of the N500 billion federal governmental stimulus package.

The committee, he said, would proffer ideas on how the stimulus package would be shared among the various sectors of the economy.

The source added that the report of the subcommittee on the reopening of the economy (COVID-19 committee) is also ready and part of its recommendations is given to the Presidential Task Force on control of COVID-19 for use as a guide in implementing the relaxation of the lockdown nationwide.

The committee on stimulation and diversification of the economy (private sector business growth) would be submitting its report on how to administer the N500 billion economic stimulus package approved by the president to boost business activities.

Also, CBN would be submitting its proposals for the implementation of N1.5 trillion stimulus package to help reawaken the country’s economy.

He added that the apex bank had developed a package of financial incentives for small-scale businesses, manufacturers, and researchers in the health sector.