Economic Advisory council meets Buhari, raises concerned about slow economic growth

Chidi Samuel| The Economic Advisory Council (EAC) has raised concern over the slow growth rate of the country’s economy.

The economic team led by its chairman, Prof Doyin Salami called President Muhammadu Buhari’s attention to the situation during a meeting at the Presidential Villa, Abuja, on Thursday.

According to the eight-member council, the economy was improving at a slower pace compared to that of the nation’s population.

The members, while responding to questions by the President and his team, outlined some of the challenges facing the economy and proffered solutions to most of them.

They urged the Federal Government to strengthen national statistical agencies, reform procurement processes, improve education, and job planning in training offered by academic institutions.

The council equally advised the government on borrowing, macroeconomic stability, and the need to provide a friendly climate for foreign investment.

Salami, speaking on behalf of the team said, “We need an environment that will attract investment. People will come only when they feel confident and when they come, their exit will not be challenging.”

President Buhari in his response assured the team of his government’s commitment to be bound by the council’s advice on economy-related matters.

He, subsequently directed the Secretary to the Government of the Federation, Boss Mustapha, to urgently address the lapses observed in coordination between ministries and all agencies of the government.

The President was quoted to have said, “The lack of synergy between Ministries, Departments, and Agencies (MDAs) would no longer be accepted.”

“We are working for the country, not for personal interests. We have the same objective of service to the people and we will resolve this.”

Reviewing the work of the Council since its inauguration, President Buhari said, “I am highly pleased based on what I have read in your Executive Summary with the painstaking thoroughness of your preliminary report.

“I have noted the salient points of your report and these will be incorporated in government economic policies.”

The President who spoke about the challenges facing the economy and the tasks that rest on the shoulders of the members, noted that the economy is the most delicate and sensitive of all aspects of national life and a little change in the matrix can lead to major disruptions in the nation’s economy.