President Muhammadu Buhari has appreciated the outstanding support and guidance provided by the Presidential Economic Advisory Council (PEAC) which he described as a “tutorial,” urging the members to do more to help the country exit its very terrible state of development.
Speaking during a virtual audience with members of the PEAC, the President said Nigeria is a country characterised by a large population of poor people, serious infrastructure deficit, lack of housing and a vulnerable economy now haunted by the COVID-19 pandemic and collapse of the oil sector and its effect on the Gross Domestic Product (GDP).
The PEAC, while making a presentation to President Buhari, had commended the administration for implementing several of its recommendations, even as it presented the government with a number of tough choices to make in order to put the country’s economy on a higher growth path.
The Chairman of PEAC, Doyin Salami, who led the presentation, specifically expressed delight with the ongoing review of the Medium Term Expenditure Framework (MTEF) and the 2020 Budget in view of the disruptions caused by COVID-19; the deregulation of the pump price of Premium Motor Spirit (PMS); approval for the implementation of the Oronsaye Report on the need to rationalise and restructure federal ministries, departments and agencies (MDAs), as well as the adjustment of the exchange rate of the Naira.
He however, noted that more needed to be done to increase efficiency, coordination and accountability on the part of MDAs.