The Economic Sustainability Committee will meet on Tuesday at the Presidential Villa, Abuja.
President Muhammadu Buhari had set up the Economic Sustainability Committee, chaired by Vice President Yemi Osinbajo with the mandate to design and respond to the economic effects of the pandemic, amidst the crash in oil price.
The COVID-19 pandemic has caused a fall in global oil price with Nigeria’s Brent crude falling below the $57 per barrel benchmark for the country’s 2020 budget.
The fall in oil price which is Nigeria’s main revenue earner necessitates that deliberate measures be taken to sustain the country’s economy.
At the inauguration of the committee a fortnight ago, Osinbajo said that Nigeria was faced with a challenge that no government in the history of the country had faced.
He said the situation required a redesign of the country’s economic planning and change in government’s thinking.
Mandate of committee
The committee is mandated to develop a clear economic sustainability plan from now till 2023, identify fiscal and monetary measures to enhance oil and non-oil revenues in order to fund the plan, develop a stimulus package and come up with other clear-cut measures to create more jobs while keeping existing ones.
The agenda of Tuesday’s meeting is not yet clear, however Vice President Osinbajo had after briefing President Buhari on the activities of the committee on Friday 10, April, said that the committee was concerned about “how to ensure that the economy remains stable, that jobs are protected and if possible, more jobs are created.”
While noting the problems associated with the COVID-19 lockdown, Osinbajo said President Buhari expresses concern of its impact on Nigerians who work for daily income.
He said a full report of the “thoughts and ideas” of the committee would soon be submitted to the President.