The National Economic Council has passed a vote of confidence in President Muhammadu Buhari’s Economic Management Team, endorsing policies it has put in place to bring the country out of economic recession.
While acknowledging the current economic challenges and difficulties, it specifically absolved the Budget & Planning and Finance Ministers of being responsible for the declining economy
The position of the National Economic Council was taken after listening to presentations made by the country’s economy managers.
The Council believes that the two Ministers Udoma Udo Udoma and Kemi Adeosun have done well but it will take the efforts of all Nigerians to achieve the restructuring and repositioning the country needs to go through to ensure safety.
The President’s Economic Management Team disclosed to Council that it was working to generate an immediate massive injection of funds into the economy through sales of assets and advance payment on license renewals.
It also plans to concession Infrastructure development through public private partnership and use the looted funds so far recovered to reduce funding gaps.
Members of Council are confident that the country will quickly get out of the recession if all stakeholders are carried along to achieve the diversification of the economy into other sources of revenue.
The finance Minister reported to Council that the balance in Excess Crude Account as at September 20th 2016 was 2.453 billion US Dollars