A Political Economist, Mr Ephraim Audu on Wednesday in Abuja, urged the newly constituted Economic Advisory Council to develop workable models that can address the economic challenges confronting the country.
Audu, commended President Muhammadu Buhari for constituting an economic advisory council.
According to him, the economic advisory council has a major role of identifying loopholes and must develop the model that was workable in a country like Nigeria.
Buhari on Monday announced the constitution of an eight-member Economic Advisory Council (EAC), with Adedoyin Salami as Chairman.
The council will replace the current Economic Management Team (EMT) led by Vice President Yemi Osinbajo, and will be reporting directly to the President.
Audu expressed optimism that members of the council would bring in brilliance and skills crucial in formulating sound economic policies.
“I acknowledge that the new council has strong membership.
“The President made a very relevant move, that is a welcome idea.’When you go through the caliber, in fact that list is full of technocrats.
“It is an excellent move, if he had done that in the first time I believe that Nigerians would not have had such kind of experience.
“The prices of food and other stuffs are skyrocketing , the margin of inflation is relatively high, unemployment rate, declaration of Nigeria as poverty capital in the world, the deficit and all that.
“The Economic Advisory Council is more of research tool and from their wealth of experience, they will be expected to generate a critical data that will be used in developing the country’s economic model.
“How can you run an economy as huge as Nigeria without setting up an economic advisory council?
“That is very wrong, but now we are very happy because to whom much is given much is expected.
“So we strongly believe that from the feedback, model and policies we should be able to have some certain changes.
The council is to be headed by Prof. Doyin Salami, a senior lecturer at Lagos Business School and former member of Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN.
Other members of the committee are Mohammed Sagagi (Vice-chairman); Ode Ojowu, Shehu Yahaya, Iyabo Masha, Prof. Chukwuma Soludo and Bismark Rewane. Mohammed Adaya Salisu, Senior Special Assistant to the President on Development Policy, will serve as Secretary of the team.
The EAC will advice the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.
It will also have monthly technical sessions as well as scheduled quarterly meetings with the president.
