How Governors endorsed FG’s recession exit strategy after collecting N50bn

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Reps discuss strategy to end economic downturn

The jobs of Minister of Finance Mrs. Kemi Adeosun and Minister of Budget and National Planning, Senator Udoma Udo Udoma, are safe for now, except President Muhammadu Buhari decides otherwise.

Adeosun1

An indication of this emerged on Thursday at the National Executive Council, NEC, meeting held at the Presidential Villa, and presided over by Vice President, Prof Yemi Osinbajo, SAN.

NEC is composed of Governors of all 36 states of the federation and the Central Bank of Nigeria, CBN, Governor.

The Vice President is the Chairman of the Council, which advises the President on economic affairs of the federation and in particular on measures necessary for the coordination of the economic planning in the country.

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Yesterday, the council expressed support for the plans and proposals of the Federal Government to steer the country out of recession.

Acknowledging the current economic challenges and difficulties, state governors at the meeting also endorsed the work of the President’s Economic Management Team and specifically commended the Budget and Planning and Finance Ministers.

However, prior to the meeting which saw the endorsement of Ministers Udoma and Adeosun by the governors, the federal government had intelligently eased the ground.

This was done through “Interventions to States in the area of salaries and in commercial agriculture”.

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This was stated by Adeosun, who also disclosed in her presentation to council, that N50 billion has so far been disbursed to state governments.

The presentation also noted that controlling inflation is key to stabilising other macroeconomic indices and the current stance of monetary policy is expected to continue to help lock-in inflation expectations.

Adelove News reports that the implication of the open backing of the two Ministers by state governors, may have put to rest, or voided, calls for their sack by the National Assembly.

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The governors opposed the accusation from the legislature that the Ministers were not doing enough to find solutions to the current economic crisis that the country.

The Governors, at NEC, pointed out that the Ministers were not responsible for plunging the country into economic recession.

They added that both Ministers should in fact be commended for their sensitive insight in reviving the ailing economy occasioned by falling oil price over the years.

3 thoughts on “How Governors endorsed FG’s recession exit strategy after collecting N50bn

  1. After collecting his own share,,the hypocrite, Fayose went about ranting his usual garbage
    Now he is about to use the money to make a supplementary budget in his state
    Omo ole

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