After a thorough review of the current economic challenges facing the country, President Muhammadu Buhari has disclosed that the country would get over its present predicament when crude oil theft has been solved.
Buhari said that the theft has limited the country from achieving its crude oil production benchmark approved by the Organisation of Petroleum Exporting Countries (OPEC), resulting in the nation’s revenue exchange.
He disclosed the solution to the country’s economic challenge on Friday during the inauguration of the Presidential Committee on National Economy which he inaugurated in his office.
While acknowledging the impact of the menace on the nation’s revenue exchange, the President reminded them that production of crude oil owing to economic sabotage has led to a production decline at half the nation’s OPEC quota.
Buhari, therefore, urged members of the committee to tackle the distinct challenges while promising that his administration will work assiduously to reverse the trend.
Members of the committee include Vice President Yemi Osinbajo who is also chairman of the National Economic Council (NEC), Governor Aminu Tambuwal of Sokoto State who represents the Nigeria Governors’ Forum, and other members of the cabinet.
At the maiden meeting, Buhari defended the nation’s borrowing rate, asserting that it is vital to achieving infrastructural development.
He identified as another source of concern the nation’s resource mobilization (when compared to other countries) which he noted impinges on the nation’s ability to perform.
The Presidential Committee is expected to review the national economic situation and propose measures to ensure the progress of the nation’s economy, receive regular updates on economic conditions in the country, identify issues that require urgent intervention to improve macroeconomic and fiscal conditions, review the impact of existing and new policies on the Nigerian economy and provide directions to relevant institutions responsible for fiscal, monetary and other relevant policies.