VICE President Yemi Osinbajo (SAN) is to
oversee Nigeria’s economy and also co-
ordinate the activities of the entire
ministries and soon to be inaugurated
federal cabinet in addition to his
schedule as the Number Two citizen of
the country.
This revelation emerged yesterday at the
opening plenary of the 21st Nigerian
Economic Summit Group (NESG) yearly
meeting in Abuja where professionals
from all walks of life have congregated
to articulate possible quick solutions to
Nigeria’s fiscal and monetary challenges
in the next three days.
Announcing the new role of Co-ordinator
for the Economy attached to his office,
Vice President Osinbajo said President
Muhammadu Buhari had mandated him
to take charge of the economy by
supervising the activities of all the
ministers and assured Nigerians that
with diligent implementation of the
tough choices which the administration
had already articulated in its economic
blueprint, Nigeria’s economy will be
prevented from going into a recession.
Meanwhile, in his earlier presentation, a
renowned audit firm, KPMG, boss, Mr.
Kunle Elebute, had said Nigeria’s
economy risks recession if not urgently
checked and may end up in total slump,
a situation he said, is better imagined
than experienced.
Elebute, who noted that the four to five
per cent growth rate recorded by Nigeria
could still be achieved if timing and
sequencing of reforms proposed by the
All Progressives Congress (APC) is well
articulated, said the negative growth
currently being experienced in the
country signals a decline, adding that
effective utilisation of proceeds of the
boom enjoyed in the last 20 years or
more should have been used to cushion
the effects of oil gloom in the world
market.
We’ve had a boom for more than 20
years. Nigerian economy is in decline.
We may end up in recession if we don’t
take steps to reverse the trend. And from
recession, we may end up in a slump.
We need to start driving growth on
sustainable basis. Timing is of the
essence in the reforms that government
wants to champion. We need to have
fiscal multipliers and increase inputs
under our control such as taxes in order
to provide efficient services”, he said.
But Osinbajo while reacting to concerns
raised by some Nigerians and in fact the
alarm raised by Elebute, said the APC-led
government would work hard to stabilise
the country, saying long-term and short-
term measures have been put in place to
stabilise the country.
The Vice President, who represented
President Muhammadu Buhari at the
summit, stated that he had been given
the mandate to supervise the nation’s
economy to ensure rapid recovery,
adding that the Federal Government is
currently partnering with seven state
governments on developing agricultural
and mineral resources domicile in their
domains to boost GDP. He said what
Nigerians want to see is better life for
majority of people of the country, and
that the President and himself had
decided to set examples by declaring
their assets publicly to send a message
that the government of the day is one
that is built on trust and integrity.
On the issue of time running out before
the government is able to effect change,
the VP said the government of the day
was determined to actualise promises to
better the lives of Nigerians.
On the fight against corruption, the Vice
President said government is determined
to deal with the menace through top to
bottom approach, saying that
government recognises that corruption is
not only in the public sector but in the
private sector and is doing all that is
necessary to encourage free operations
of the nation’s anti-graft organisations
in the country to effectively fight
corruption.
Elebute stressed that in developed
countries, huge percentage of the Gross
Domestic Product (GDP) is usually
invested in infrastructure development,
as opposed to 10 per cent spent on
infrastructure in the country, adding
that the country’s taxation system is still
below world standards.
He said what Nigeria needed to do to
stave off recession is to eliminate
revenue leakages in addition to
diversifying the economy and making
sure reforms are effected in key sub-
sectors such as education and health to
encourage growth of the economy.
The KPMG boss stated that Nigeria is
better off if the railways, airports and
the ports are run by private investors, as
this will increase efficiency and revenue
levels where government can collect
taxes to provide better services.

www.ngrguardiannews.com/2015/10/osinbajo-to-head-nigerias-economic-team/

I thought they call him a mere commissioner

saint osib@njo

OK

Ok

He takes over from Ngozi Okonjo Iweala as our "Prime minister" (If we ever have that office).

But then again as the chairman of NEC, the V.P is supposed to be in charge of the economy in the first place and not a minister

Sound minds

....Just wondering if Sambo was ever bestowed with such responsibility..

LouisVanGaal:
....Just wondering if Sambo was ever bestowed with such responsibility..

sambo was heading the power privatization committee

And some 1diots said he's a mere commissioner.

One thing you cannot take away from PMB is his readiness to delegate responsibilities to those who have the competence and ability around him. This is hallmark of a good leader.

We had a clueless President and a dumb VP for eight years. Thank God we now have two competent men as their replacement.

Nigeria shall be great again.

I listened to Prof Osinbajo yesterday at the NESG summit and i was proud...

The guy oozes confidence, class amd most importantly a vast knowledge of economic issues in addition to his law pedigree

If the combo of PMB/PYO can't salvage this country, then we might have to start begging God almighty to send us angels from heaven and superheroes from some other planets

honestly osibanjo is not good in economics , buhari is better dan him....
A man who believes feeding of primary school pupils would create 1.14 million jobs and will have a great multiplier effect on our economy... How can feeding primary school pupills which is termed a recurrent expenditure have a multiplier effect on our economy..... Den thinking this sort of man is heading our economy meetings.... Makes me wail d more...

although just like omenka i am waiting for his 5000 allowance for nigeria youth

kolomax:
I thought they call him a mere commissioner

Yes he is a mere commissioner, God, pls make me a mere commissioner too, Amen

I believe prof osibanjo is competent enough to head such a sensitive position. Nigeria shall be great again.



Believe

It's good to have a functioning Vice president , during Obasanjo's time, Atiku was not a figure head, only during yar adua and Jonathan's government did we have figure heads as vice president . The last government was the most annoying , we didn't get to see sambo until election year .

asha80:
sambo was heading the power privatization committee

I remember too, and he made huge success in that assignment, he gave us utter darkness for five good years

asha80:
sambo was heading the power privatization committee

and what was achieved?? Besides can you compare it with NES

kennybabs1980:
I remember too, and he made huge success in that assignment, he gave us utter darkness for five good years

is there anywhere in what I wrote that I said he performed?

LouisVanGaal:
and what was achieved?? Besides can you compare it with NES

that he did not achieve mean he was never head of the privatization committee? You asked a question and I answered you..did I talk about his performance?

asha80:
is there anywhere in what I wrote that I said he performed?

that he did not achieve mean he was never head of the privatization committee? You asked a question and I answered you..did I talk about his performance?

privatization is still a part of Economic policies...what of refinery/oil sector privatisation ??it's just like comparing a JSS1 student with a Year 1 student in HI...much difference!!!!!
Okonjo-Iweala was heading NES in GEJs time