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Experts Dismiss Tinubu’s Economic Team As Flawed
Some economic experts have picked holes in the composition of the economic team set up by President Bola Tinubu, describing it as flawed.
Tinubu, on Wednesday, approved the establishment of the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) to tackle the prevailing economic challenges in the country.
The PECC is made up of President Bola Tinubu as Chairman and Vice President Kashim Shettima as Vice Chairman.
Other members are, President of the Nigerian Senate, Chairman, Nigeria Governors’ Forum, Coordinating Minister for the Economy and Minister of Finance, Governor of the Central Bank of Nigeria and other relevant Ministers.
The council will also have some members of the organized private sector, joining for a period not exceeding one (1) year, subject to the President’s directive
They are Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir among others.
But economic experts who spoke with Daily Trust on Thursday said the composition was flawed, saying it was composed of stakeholders with vested interests.
A Professor of Economics and the Director, Centre for Economic Policy Analysis and Research, at the University of Lagos, Ndubisi Nwokoma, argued that a professional body such as the Nigeria Economic Society would have made a greater impact in the committee.
He said: “The composition of that team is somewhat flawed because these are stakeholders who all have interest in the economy. If you bring in people who have interest, they would protect their own interest; they would protect their own businesses.
“They would be thinking of policies that actually would favour them, nobody would go into a discussion that would work against him.
“I think bringing professional bodies like the Nigerian Economic Society, these are purely intellectuals, people that don’t have any stake who are not business men, who are just looking at the contextual issues and looking at the direction of government and find out where the government ought to take the economy to and what should be done to get there.”
He expressed concern that the country’s economy has been consumption based, saying: “In terms of where the economy should go, I think fundamentally we have gotten it wrong as a country, I think we need to look at the fundamental issues in terms of the structure of the economy.”
Also speaking, Professor Adeola Adenikinju of the Department of Economics, University of Ibadan and Vice President of the Nigerian Economic Society (NES) while hailing the composition of the committee as timely, however raised issues with its composition.
According to him, the committee is composed of largely government assisted people, who are going to benefit from the expected policies they are coming up with.
“Every government needs to have a body of experts to advise them on the efficacy of policies put in place and what are the new policies to ensure the economy works better.
“In terms of the composition, the intellectuals, the experts who are working in this area are not there. What you see are largely government assisted people who are interested in one contract or the other. So they are not going to be neutral in terms of the advice they are going to give. There is a likelihood that they would want to protect their interest. You don’t have lecturers; you don’t have the Nigerian Economic Society, who are on the intellectual side of the society,” he submitted.
Former President Goodluck Jonathan has returned to Abuja after being evacuated from Guinea-Bissau in the wake of a military coup in the West African country.
He arrived at the Nnamdi Azikiwe International Airport, Abuja, on Thursday.
A video shared by ARISE News captured his arrival, showing Jonathan stepping down from a Guinea-Bissau government aircraft at night as supporters and officials received him.
Jonathan had travelled to the country as the head of the West African Elders Forum Election Observation Mission to monitor last Sunday’s presidential and legislative elections.
His delegation was still on the assignment when the military announced it had taken over the government.
Reports later said that Jonathan was trapped, prompting the House of Representatives, during Thursday’s plenary, to urge the Federal government to use every diplomatic channel to ensure his safe return.
The Federal government subsequently issued a statement confirming that he was safe and had left the country.
“Former President Goodluck Ebele Jonathan is very safe and out of Guinea-Bissau. He left with a special flight with members of his delegation, including Mohamed Chambas,” the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, said in an interview with journalists.
Former Nigerian President Goodluck Jonathan is among dozens of African leaders stranded in Guinea-Bissau after the military seized power and suspended the country’s electoral process on Wednesday.
Jonathan is part of a 36-member joint election observation mission of the African Union (AU), ECOWAS and the West African Elders Forum (WAEF) deployed to monitor Sunday’s presidential election.
The coup unfolded after both incumbent President Umaro Embaló and his main challenger, Fernando Dias, separately claimed victory even though the electoral commission had not released official results. Soldiers subsequently took control of state institutions, closed all borders and shut down airports.
In a joint statement, the observer mission said it was “deeply concerned” about the military intervention, calling it “regrettable” that the takeover came shortly after meeting the two top candidates, who had assured them they would respect the will of the voters.
The mission urged the AU and ECOWAS to take urgent steps to restore constitutional order and demanded the immediate release of all detained officials.
The delegation is scheduled to depart Guinea-Bissau on November 29, though it is unclear whether the airport shutdown will affect their exit.
Amid rising attacks and abductions by gunmen and suspected terrorists, President Bola Tinubu, on Wednesday, declared a nationwide security emergency.
In a statement he personally issued, President Tinubu said: “Today, in view of the emerging security situation, I have decided to declare a nationwide security emergency and order additional recruitment into the Armed Forces.”
By this order, he said both the police and the army have been authorised to recruit more operatives, saying: “The police will recruit an additional 20,000 officers, bringing the total to 50,000.”
The president also directed that the police could now use National Youth Service Corps (NYSC) camps as training depots, noting that although he had previously approved the upgrade of police training institutions, the new security reality required immediate expansion of capacity.
He further ordered that officers being withdrawn from VIP guard duties must undergo crash retraining.
According to him, the exercise is to “debrief them and deliver more efficient police services when deployed to security-challenged areas of the country.”
Tinubu also empowered the Department of State Services (DSS) to activate fully the forest security architecture.
“The DSS also has my authority to immediately deploy all the forest guards already trained to flush out the terrorists and bandits lurking in our forests,” he said, adding that the agency had his directive to recruit additional personnel.
“There will be no more hiding places for agents of evil,” the President said.
Calling the situation “a national emergency,” the President said the federal government was responding by “deploying more boots on the ground, especially in security-challenged areas”.
He appealed to citizens to play their part, saying “the times require all hands on deck. As Nigerians, we should all get involved in securing our nation.”
President Tinubu commended security forces for recent breakthroughs, including the rescue of abducted schoolgirls in Kebbi and the 38 worshippers seized in Kwara State.
“We will continue to sustain the efforts to rescue the remaining students of Catholic School in Niger State and other Nigerians still being held hostage,” he assured.
To military personnel across the country, he delivered a firm charge, saying “I commend your courage and your sacrifice… I charge you to remain resolute, to restore peace across all theatres of operation, and to uphold the highest standards of discipline and integrity. There must be no compromise, no collusion, and no negligence.”
He added that his administration would support them fully to succeed.
Tinubu also pledged federal support to states with existing security outfits and urged the National Assembly to begin a legislative review to allow states that require state police to establish them.
He cautioned state governments against operating boarding schools in remote, unsecured areas, and advised religious institutions to “constantly seek police and other security protection when they gather for prayers, especially in vulnerable areas.”
The President reiterated his administration’s stance on resolving farmer-herder clashes, pointing to the establishment of the Ministry of Livestock Development.
He urged herder groups to abandon open grazing and embrace ranching, saying: “I call on all herder associations to take advantage of it, end open grazing and surrender illegal weapons. Ranching is now the path forward.”
Tinubu expressed sympathy to families affected by recent attacks in Kebbi, Borno, Zamfara, Niger, Yobe and Kwara States.
He also paid tribute to fallen soldiers, including Brigadier-General Musa Uba.
“Those who want to test our resolve should never mistake our restraint for weakness. This administration has the courage and determination to keep the country safe and ensure our citizens live in peace,” he warned.
In a rallying call to Nigerians, the President urged unity and vigilance, saying “I urge you not to give in to fear and never succumb to despair… Report suspicious activities. Cooperate with security agencies. We are in this fight together, and together we shall win.”
