Tasks before the Economic Advisory Council

                    By Bayo Ogunmupe

    We welcome the third coming of the Economic Advisory Council (EAC) which was inaugurated by President Muhammadu Buhari recently. This ad hoc council was first introduced to Nigerian governance when President Olusegun Obasanjo appointed the renowned Ibadan economist, Professor Ojetunji Aboyade to head the council. Aboyade was later replaced as chairman by the Kano economist, Professor Ibrahim Ayagi. Thereafter the council went into oblivion. It is therefore heart warming that Professor Doyin Salami has now been appointed to revive the council as chair of other prominent economists including the former Chief Economic Adviser and governor of the Central Bank of Nigeria, Professor Charles Soludo.

    According to a statement from the Presidential Adviser on Media and Publicity, Femi Adesina, the EAC will have monthly technical sessions and scheduled quarterly meetings with the President. The chairman may, however, request for unscheduled meetings with the President if the need arises. What is yet unknown is whether the chairman and members are on a full time appointment. Other members of the council are Mohammed Sagagi, deputy chairman; a former economic adviser, Ode Ojowu; Shehu Yahaya; Iyabo Masha; Bismark Rewane; and Mohammed Salisu who will serve as secretary being the assistant to the President on development policy. Council chair Salami was a staff of the CBN up to 2017 when he retired to become, reader in economics at the Lagos Business School. He must thus belong to the Keynesian school of economics like other members of the EAC.

    The first task before the council is to ensure the EAC becomes a permanent department of state in the Executive Office of President. Like the United States Council of Economic Advisers, it should offer the President objective economic advice on the formulation of both domestic and international economic policy. The council should base its recommendations and analysis on economic research and empirical evidence, using the best data available to support the President in setting Nigeria's national economic policy. Which is why the EAC should be established by an Act of the National Assembly. Its membership should not be less than three and not more than five: representing the various strata of economics. Each council member shall be a person who, as a result of his training, experience and attainments, is exceptionally qualified to analyse and interpret economic developments, to appraise programmes and activities of the government in the light of the declared policy of the party in power.

    The council must formulate and recommend national economic policy to promote full or optimum employment, production and purchasing power under free competitive enterprise. The President shall designate one of the members of the council as Chairman. It shall be the duty and function of the council to assist the President in the preparation of a biennial Economic Report. It shall gather timely and authoritative information concerning economic developments and economic trends, both current and prospective, to analyse and interpret such information in the light of government economic policy for the purpose of determining whether such developments and trends are interfering, or are likely to interfere, with the achievement of such policy and to compile and submit to the President studies relating to such developments and trends.

    Another duty of EAC is to appraise the various programmes and activities of the Federal Government in the light of the declared economic plan for the purpose of determining the extent to which such programmes and activities are contributing and the extent to which they are not contributing, to the achievement of such policy, and to make recommendations to the President with respect thereto. The EAC is to develop and recommend to the President national economic policies to foster and promote free competitive enterprise, to avoid economic fluctuations or to diminish the effects thereof, and to maintain optimum employment, production and purchasing power. Also, the EAC is to make and furnish such studies, reports thereon, and recommendations with respect to matters of Federal economic policy and legislation as the President may request.

    The matters above fall within the purview of the EAC, they  are to be pursued in the interest of national integration and prosperity. According to the 2019 Wealth Report compiled by AfriAsia Bank, African countries have been ranked according to their wealth. South Africa tops the list with its High Net Worth Individuals of 39,200 people holding the country's wealth of $649 billion. Egypt follows with $303 billion with 16,700 individuals holding Egypt's wealth. Nigeria is in the third position with $225 billion and 9,900 wealthy Nigerians holding it. It will be the duty of EAC to examine the factors causing Nigeria's backwardness for coming third in Africa where we should be number one.

    Other issues the council can recommend to the President are the reduction in government recurrent expenditure, greater budget transparency, support for export growth; and accelerating public-private partnership for critical infrastructure. Such partnerships would invite private capital through improvements in electricity supply and the revival of moribund industries. Through research and the collation of previous research, the council will be able to present to the President, alternatives to fuel subsidy, inflation and unemployment. In world politics, a nation is rated as powerful when its citizens are prosperous; when it has a large population; extensive natural resources, military force and social stability. It is the EAC than can shoulder the responsibilities of offering advice in such matters. The President can seek advice from the council  on what to do to arrest the degeneration of our value system  and measures to refurbish Nigeria's battered image abroad.

    It will be the duty of the council to offer advice through interest free, collateral free loans to our instant gratification prone youth and the unemployed. Nigerian economy remains largely undeveloped, oil dependent, import dependent; lacking the capacity to create jobs. There is nowhere to engage our teeming youth that are clearly the majority of our population. So, the establishment of this council is the best that has happened to Nigeria in the last ten years. I recommended it in the place of the Economic Reform and Growth Plan where I said reform and growth meant the same thing. Thus, a necessary condition for boosting Nigeria's image is revamping the economy to create jobs for our people. To this end, I will recommend the establishment of the Buhari Prosperity Plan for the unemployed. Like the Marshall Plan, loans will be provided to create import substitution enterprises for the unemployed and retiring civil servants. The EAC should hire accounting firms to supervise it. Measures to create jobs abound in British and American economic history if government is willing to act.