Buhari, Ministers hold emergency retreat over economy

PIC. 2. FROM LEFT: PRESIDENT MUHAMMADU BUHARI; ATTORNEY-GENERAL AND MINISTER OF JUSTICE, ABUBAKAR MALAMI; MINISTER OF AGRICULTURE, CHIEF AUDU OGBEH; MINISTER OF STATE FOR AGRICULTURE, MUSTAPHA  SHEHURI, AND MINISTER OF BUDGET AND NATIONAL PLANNING, SEN. UDOMA UDO UDOMA, DURING THE FEDERAL EXECUTIVE COUNCIL MEETING AT THE PRESIDENTIAL VILLA IN ABUJA ON WEDNSDAY (20/7/16). 
5192/20/7/2016/ISE/BJO/NAN
PIC. 2. FROM LEFT: PRESIDENT MUHAMMADU BUHARI; ATTORNEY-GENERAL AND MINISTER OF JUSTICE, ABUBAKAR MALAMI; MINISTER OF AGRICULTURE, CHIEF AUDU OGBEH; MINISTER OF STATE FOR AGRICULTURE, MUSTAPHA SHEHURI, AND MINISTER OF BUDGET AND NATIONAL PLANNING, SEN. UDOMA UDO UDOMA, DURING THE FEDERAL EXECUTIVE COUNCIL MEETING AT THE PRESIDENTIAL VILLA IN ABUJA ON WEDNSDAY (20/7/16). 5192/20/7/2016/ISE/BJO/NAN

President Muhammadu Buhari and Vice President Yemi Osinbajo are currently in a retreat with cabinet members discussing the state of the nation’s economy and strategies to get the country out of recession.

The one-day session holding at the State House conference centre, with the theme “Building inter-ministerial synergy for effective planning and budgeting in Nigeria” will also consider priority areas of the 2017 Budget.

Four key speakers including Obadiah Mailafia, Ayo Teriba, Birsmark Rewane and Bode Agusto will be making presentations during the closed technical session with the president.

They will be making presentations on Weaning the Economy out of oil dependence; Fiscal and Trade Policy options to get the economy out of recession; Monetary and Exchange Rate Policy options to get the economy out of recession and How to grow output and productivity in the Real Sector, respectively.

The Ministry of Budget and National Planning said in a statement on Wednesday that President Buhari would lead his deputy, who is the head of the economic team, along with ministers and heads of relevant federal ministries, departments and agencies to the meeting.

The Minister of Budget National Planning, Udo Udoma, said the meeting would also provide the forum for government to present and discuss priority areas of the 2017 Budget as realign its priority areas of the MDAs with national growth and development objectives.

“The key objective of the retreat is to discuss the 2017 Budget as well as discuss steps being taken to get the economy out of recession,” his spokesperson, Akpandem James, said in a statement.

“The meeting is part of a scheduled arrangement to fine-tune and set the right parameters for the 2017 Budget. It (the meeting) will provide an opportunity to discuss the framework of the 2017 Budget, the key priorities and the deliverables of the budget.

“The retreat is expected to deliver improved understanding of the measures being taken to get the country out of recession; improve synergy among the various ministries for enhanced implementation of planning and budget and enhance knowledge of how to develop 2017 Budget to effectively link with the medium term plan.

“The meeting will also review prioritized projects and programmes of ministries to fit into the 2017-2019 MTSS, 2017-2020 Medium Term Plan and 2017 Budget; and improved understanding on Budget ceiling for MDAs for 2017 Budget,” he said.

The statement said the retreat became necessary, as years of the country’s growth and development have been impeded by mismatch between plan targets and budgetary outcomes at the national and sectoral levels due to lack of synergy between the various Federal MDAs.

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  • thusspokez

    The Ministry of Budget and National Planning said in a statement on Wednesday that President Buhari would lead his deputy, who is the head of the economic team, along with ministers and heads of relevant federal ministries, departments and agencies to the meeting.

    Buhari needs economics experts to help him solve the economic problems that is crippling Nigeria. And yet, look at the composition of the people in the retreat; none are proper economic experts nor blessed with problem solving skills.

    Despite being advised left and right to seek the help from experts, Buhari keeps playing deaf and rolling out the same incompetent and clueless ministers to help him find solution to the economic problems. Again, these ministers are not experts nor blessed with ideas nor the wherewithal to solve economic problems: What does Buhari have against experts; and when is he going to stop føøling around?

    • Iyanda

      There are experts making presentations at the meeting.
      “Four key speakers including Obadiah Mailafia, Ayo Teriba, Birsmark Rewane and Bode Agusto will be making presentations during the closed technical session with the president.
      They will be making presentations on Weaning the Economy out of oil dependence; Fiscal and Trade Policy options to get the economy out of recession; Monetary and Exchange Rate Policy options to get the economy out of recession and How to grow output and productivity in the Real Sector, respectively’.

      Mailafia was a Deputy governor at CBN while Ayo Teriba is a renowned economist. We read his economics text book in secondary school in the 80s . Don’t know much about the other two persons.

      • thusspokez

        The time to submit papers and make speeches is over, Buhari needs a proper economic team of full-time expert economists and planners ready to burn the night candles to (1) identify the problems and (2) come up with recommendations to the president. The president makes his executive decision and invites ministers for briefing on the direction taken. The retreat looks like a seminar — not a brainstorming session.

  • dike offor

    thusspokez …. I understand how frustrated the Nigerian Economy is. Obadiah Mailafia, Ayo Teriba, Birsmark Rewane and Bode Agusto,are more better than the Jim Ovia and the rest used by the past government. Nigeria will rise again just be calm….

    • thusspokez

      Please understand that these so-called experts are not members of the Buhari economic team but mere keynote speakers. Economic teams required full-time and dedicated expert economists, analyst, and planners.

  • Jujubeans

    This is waaaaaaay overdue!

  • Sam

    Wisdom is the principal thing.

  • Papajoh

    Time to eat the humble pie and ask Prof. Soludo for help!

    • niran ade

      Prof solu who? You must stop sucking on that thumb

  • Otile

    In vain do these people gather. They will bash and denounce our oil in the Niger Delta all they like, but in the end they will still send troops to kill people to steal oil. They will use vain phrases such as “Weaning the Economy out of oil dependence” but in vain do they talk, because they have no other means of raising money to pay government workers. Imam Mohamed Buhari is still the Oil Minister, yet he is saying that he is not fighting for oil. In short the cabal has gathered to plot more evil ways of intimidating our people to steal oil. Economic depression will soon start where their vain talk stops. In vain do they gather and plot evil.