Vice President Yemi Osinbajo, on Thursday declared that President Muhammadu Buhari’s administration was being faced with a challenge that no government in the history of Nigeria had confronted.
Osinbajo, who was recently appoint by Buhari as Chairman of Economic Sustainability Committee, said this while explaining what the new team plans to achieve.
“We must communicate to our people where we are now, and that we can no longer assume we are still where we used to be.
“We are faced with a challenge that no government in the history of Nigeria has ever faced. So, we have to redesign our economic planning and change our thinking”, he said at the inaugural meeting.
The team was formed to design and respond to the impact of the COVID-19 pandemic and the crashing of oil prices in the global market.
In the last several weeks, oil prices, a critical driver of the Nigerian economy, have crashed from the budget benchmark of $57 per barrel to less than $20 amidst the other worsening implications of the pandemic with forecasts of impending recession on a global scale.
Oainbajo noted that “what Mr President has asked us to do is to devise a strategy in order to be able to keep the economy going and also make provisions to ensure that we are able to retain jobs and indeed create more.”
“We also need to develop the Nigerian economy in a way that we will even take advantage of the challenges of these times and convert those challenges to opportunities,” Prof. Osinbajo added.
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Source: News update