President Muhammadu Buhari has been urged to include the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, the Minister of Finance, Zainab Ahmed as well as some other ministers in the Economic Advisory Council(EAC).
This was said by the Managing Director/Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu during an interview.
Reasons given: According to Chukwu, it would be more appropriate if the relevant ministries/agencies were made members of the Council for ease of policy implementation.
He stated that some of the decisions of the Council would be expected to cut across monetary policy, and as such, the CBN governor is not expected to be handed over document by the executive arm for implementation. Chukwu said it was important for Emefiele to come in either as an advisor or as an observer.
Chukwu made it known that there has to be a higher level of interface between the Council and the executive arm of government. He also said that the finance ministers and other economic ministers should join the EAC so that it wouldn’t be just advisory but executable government policies.
“What we are saying is that the process should be further strengthened by possibly bringing in the minister of finance and other economic ministers to join the advisory council so that the advisory council is not just advisory but that whatever advice that they have can easily be translated into actionable and executable policies of the government.”
While commending the council, Chukwu said that although some of them had managed the economy in their previous engagement with the government, measures should put in place for faster growth.
“What will happen is that they need to define some of those factors or policies that will lead to faster economic growth. The pedigree and calibre of the body that constituted the team is quite understandable, there is nobody without the requisite competence in the advisory team.”
Recall that Nairametrics reported that President Muhammadu Buhari constituted an Economic Advisory Council (EAC). This was disclosed in a press release signed by the Special Adviser to the President on Media and publicity, Femi Adesina.
Those who made the list are Prof Doyin Salami as the chairman, Dr Mohammed Sagagi as Vice-Chairman of the Council and Dr Mohammed Adaya Salisu as the Secretary.
Other members are Prof Ode Ojowu, Dr Shehu Yahaya, Dr Iyabo Masha, Prof Chukwuma Soludo, and Mr Bismark Rewane