President Muhammadu Buhari’s Economic Management Team (EMT) held a consultative forum with a team of notable economic and financial experts at a meeting presided over on Tuesday by Vice President Yemi Osinbajo.
The meeting had in attendance Bismarck Rewane, Akpan Ekpo, Ayo Teriba, Badeye Sani and Bode Augusto.
At the meeting, the Vice President expressed the President’s determination to continuously consider and adopt policies that would boost business, increase employment and provide succor to the poor and disadvantaged.
Speaking at the forum, Prof. Osinbajo said “We will continue to engage with experts and other stakeholders so we can measure progress of the economic policies that have been put in place.
“The challenges are many but the opportunities are much greater, we are clearly on the path to building an economy that will create jobs and ensure inclusive growth.”
The EMT meets weekly and also holds special consultations with members of the private sector and economic experts.
Issues discussed at the consultative forum include the review of the new foreign exchange regime and its effect on the economy as well as the draft Medium Term Economic Framework for 2017-2019.
The EMT members and the experts made a plethora of suggestions on how to reflate the economy, especially through massive infrastructural spending with active private sector participation, ensure pro-people economic policies, increase the supply of dollars to the forex market among other issues.
The Minister of Budget and National Planning, Udoma Udo Udoma, told State House Correspondents after the meeting that the economic team was in the middle of consultations to develop a mid-term economic framework.
He said the experts made presentations to the Economic Management Team on their response to the draft Medium Term Economic Framework (MTEF), which was still a consultative document.
“It is part of a comprehensive consultation process that we are embarking on to make sure that we reach out to a wide spectrum of Nigerians to get a feed back in terms of how best to make sure that we come out of this recession.
“That we get the best possible MTEF (Medium Term Economic Framework).
“The Fiscal Responsibility Act requires us to do so.
“On Thursday, we will be meeting in Lagos with private sector to continue with the consultations,’’ Mr. Udoma said.
He added that the Economic Team had met with some Non-Governmental Organisations (NGOs) last week and would hold similar consultations with members of the organised private sector.
The Minister said that at the end of the consultations the Federal Government would come out with a programme which had received the “buy-in’’ of many Nigerians.
“That was what this process was about,’’ he added.