To address the current economic difficulties and challenges in the country, President Muhammadu Buhari has decided to wade into action.
Quest Times can reveal that the President is composing an Emergency Economic Committee that will proffer urgent solutions to the economic circumstances of the country.
The committee, to be led by the President himself, will have as members other important members of the Federal Executive Council and heads of important agencies like the Central Bank and the NNPC Ltd.
One or two State Governors will also be part of the committee which will get to work quickly and come up with practical solutions to the myriad economic challenges bedeviling the nation.
Presently, the Federal Government is dealing with fiscal challenges with a huge debt overhang taking a significant chunk of the revenue of the Federation.
Besides, there is also a serious foreign exchange problem occasioned by scarcity of forex and sliding value of the Naira, amidst other problems on the monetary side.
Similarly, inflationary trends in the economy have also worsened the economic situation, while the subsidy on Premium Motor Spirit (PMS) popularly called petrol, is gulping trillions of Naira in what is said to be controversial claims regarding how much is the local fuel consumption in the country.
At the same time, the problem of oil theft and significantly reduced oil production output is yet another worrying situation further weakening the Nigerian economy.
Sources close to the Chief Economic Adviser to the President, Prof. Doyin Salami, said the President has been briefed about the worsening economic conditions as the Adviser and the Chief of Staff, Prof. Ibrahim Gambari frequently updates the President at least once a week.
Another source close to the Nigerian Governors Forum explained that the President became even more aware and very worried about the situation especially after some Governors visited him and the Vice President last week, complaining about the economic situation in the country.
Others say the President is expected to come up with measures that will offer immediate, mid and long term solutions.
The committee is expected to be inaugurated today Friday Sept 9, 2022 at the Presidential Villa.