COVID-19: Osinbajo Chairs Economic Sustainability Committee Meeting

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Yemi Osinbajo

The Economic Sustainability Committee (ESC) has held its third meeting, chaired by the Vice President, Prof. Yemi Osinbajo, SAN.

The Committee which was established by President Muhammadu Buhari, continued on the responsibility bestowed on them to come up with a plan to turn the current challenges from COVID-19 pandemic to real opportunities for Nigerians by setting the economy on a solid footing.

According to the Minister of Finance, Zainab Ahmed, the ESC is working on various ways and means to support each sector of the economy, providing for each sector clear interventions that will be designed for the primary purpose of creating jobs and ensuring that businesses stay afloat during these difficult times.

“The committee are also working in the next couple of days to finalize our report and submit to his Excellency the President.”, she said.

The assessment of the Nigerian Bureau of Statistics (NBS), which was adopted by the International Monetary Fund, indicated that Nigeria will go into recession.

Ahmed added that “if we take all these measures that we are planning now, we will be able to by 2021 go back into positive growth, that is why this is very important.”

Recall that, the President already announced a stimulus package of N500 billion.

The ESC will however suggest to the president how the fund would be used and the subsequent interventions which will be rolled out when the multilateral institutions contribute to the existing funds.

Earlier, the Spokesman to the Vice President, Mr. Laolu Akande, on his official tweeter handle: “The 3rd meeting of the Economic Sustainability Committee just ended moments ago, VP Osinbajo presiding. The ESC, established by President Buhari plans turning current challenges from COVID-19 pandemic to real opportunities for Nigerians by setting our economy on a solid footing.”

Members of the committee present include: Minister of Works and Housing, Babatunde Fashola; Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq; and Minister of State for Petroleum Resources, Timipre Sylva, amongst others.