Buhari inaugurates Economic Advisory Council
The EAC comprises eight technocrats, including Doyin Salami (as the Chairman) and Mohammed Sagagi (as Vice Chairman). Other members are Ode Ojowu, Shehu Yahaya, Iyabo Masha, Chukwuma Soludo, Bismark Rewane, and Mohammed Adaya Salisu.
President Muhammadu Buhari, on Monday, inaugurated the Economic Advisory Council (EAC), which will advise the president on economic policy matters, according to his Special Adviser on Media and Publicity, Femi Adesina. The president’s media aide said the EAC will effectively replace the Economic Management Team (EMT) and report directly to President Buhari.
The EAC comprises eight technocrats, including Doyin Salami (as the Chairman) and Mohammed Sagagi (as Vice Chairman). Other members are Ode Ojowu, Shehu Yahaya, Iyabo Masha, Chukwuma Soludo, Bismark Rewane, and Mohammed Adaya Salisu (as Secretary).
“The Economic Advisory Council (EAC) will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies,” Adesina said. “The EAC will have monthly technical sessions as well as scheduled quarterly meetings with the President. The Chairman may, however, request for unscheduled meetings if the need arises.”
Nigeria is facing several macroeconomic challenges. Economic growth remains subdued following the 2016 recession. Gross Domestic Product (GDP) grew by 1.93 percent in 2018, compared with 0.8 percent in 2017. While GDP growth is projected to grow by 2.3 percent in 2019, according to the International Monetary Fund (IMF), the National Bureau of Statistics (NBS) reported that Nigeria’s GDP grew by 1.94 percent in the second quarter of 2019. This represents a 0.16 percentage point decline compared with 2.10 percent growth recorded in the first quarter of the year.
The scrapped EMT was chaired by Vice President Yemi Osinbajo. It comprised of the Minister of Finance, Minister of Budget and National Planning, Minister of State for Budget and National Planning, Minister of Industry, Trade and Investment, Minister of Agriculture, Minister of Information and Culture. Others were Governor of the Central Bank of Nigeria (CBN), Special Adviser to the President on Economic Matters, Director-General of the Budget Office, Director-General of the Debt Management Office and Director-General of the National Bureau of Statistics (NBS).
With regard to the profiles of the EAC members, Doyin Salami is a Senior Fellow/Associate Professor of Economics at the Lagos Business School (LBS). He obtained his doctorate degree in Economics from Queen Mary College, University of London, England. Mohammed Sagagi is an economist and development consultant. He holds a PhD in Economics from University of Warwick, Coventry, England. Ode Ojowu is a Professor of Economics and a former Chief Executive of the National Planning Commission (NPC). He holds a PhD in Economics from University of Connecticut, United States.
Shehu Yahaya is Chairman, Development Bank of Nigeria Plc. He holds a PhD in Industrial Economics from University of Sussex, United Kingdom. The only female member of the EAC, Iyabo Masha, is an immediate-past IMF Representative for Sierra Leone. She holds a PhD in Economics from American University, Washington, DC.
Chukwuma Soludo is a former Governor of the CBN and Professor of Economics. He obtained his doctorate degree from University of Nigeria, Nsukka. Bismark Rewane is Managing Director/CEO of Lagos-based Financial Derivatives Company Limited. He holds a B.Sc. in Economics (Monetary) from University of Ibadan. Mohammed Adaya Salisu is Senior Special Assistant to the President on Development Policy. He holds a PhD in Economics from Lancaster University, Lancaster, UK.
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