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He released this statement at the inauguration of the Presidential Committee on the National Economy, which he inaugurated on Friday in his office.
Recognizing the impact of the threat on the country’s revenue exchange, the president reminded them that crude oil production due to economic sabotage has led to a reduction in production by half the country’s OPEC quota.
Buhari then urged members to accept the obvious challenge by promising that his government would work diligently to reverse the trend.
Committee members include Vice President Yemi Osinbajo, who is also chairman of the National Economic Council (NEC), Sokoto State Governor Aminu Tambuwal, who represents Nigeria’s Forum of Governors, and other cabinet members.
At the first meeting, President Buhari defended the country’s borrowing rate, deeming it vital for achieving infrastructure development. Another concern he cited was the country’s resource mobilization (compared to other countries), which he said is hampering the country’s performance.
The Presidential Committee should examine the national economic situation and propose measures to ensure the progress of the national economy; receive regular updates on economic conditions in the country; identify problems that require urgent intervention; improve macroeconomic conditions and fiscal policies; review the impact of existing and new policies on the Nigerian economy; and provide guidance to relevant institutions responsible for fiscal, monetary, and other relevant policies.
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