The Presidential Committee on National Economy was launched by President Muhammadu Buhari on Friday.
The vice president and chairman of the National Economic Council (NEC), Yemi Osinbajo, the governor of Sokoto State, Aminu Tambuwal, a representative of the Nigeria Governors’ Forum, and other cabinet members are all members of the committee.
The committee is anticipated to assess the state of the economy in the country and recommend policies that will strengthen it.
Additionally, it will receive regular updates on the nation’s economic situation, identify problems that demand immediate attention to improve macroeconomic and fiscal conditions, examine the effects of new and existing policies on the economy, and give guidance to pertinent institutions in charge of fiscal, monetary, and other pertinent policies.
The president emphasized the need for the nation to confront oil theft in his speech at the ceremony held at the State House in Abuja.
He acknowledged the negative financial effects of oil theft and pleaded on Nigerians to help the government combat the problem.
The borrowing by the government to finance important projects, such as the Second Niger Bridge and the Lagos-Ibadan Expressway, was also supported by President Buhari.
He said: “While citizens’ concern about borrowing is well understood, our resort to borrowing must also be appreciated in the context of the resources required to deliver on the infrastructure, health and other socio-economic needs of our citizens.
“It remains a major goal of this administration to continue pursuing its social protection programmes.
“These programmes provide support to the most vulnerable of our citizens.”
“It is, however, important to note that some of the issues we must address are peculiar to us.
“Let’s look at the decline in our production of crude oil. It is estimated that last month, we produced less than 1 million barrels. The fall in production is essentially due to economic sabotage.
“With the high price of oil in the world markets, producing at about half our OPEC quota has deprived us of much-needed revenue and foreign exchange. The government is working tirelessly to reverse this situation.”