Recall that Sanusi, who is a former governor of the Central Bank of Nigeria, CBN, had asked Buhari to consult experts to help him in enunciating proper solution to the crisis.
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Recall also that Agbakoba, had said Buhari should set up an economic team comprising of experts and technocrats, who will help him rescue the country out of recession.
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Adhering to their advice despite reprimanding them on their decision to publicly convey their thoughts, Buhari, during a retreat with cabinet members yesterday said, “This Retreat is coming at a critical time in our economic history, when the Nigerian economy is in a recession, with significant downturn in performance in various sectors. It is with regard to the importance of this Retreat that I decided to sit through the first part of the session to listen to the views from experienced economists and development experts on how best to implement our plans to rid the country of its oil dependence and to diversify the economy and bring the country out of the current economic recession.
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“This is in line with our Administration’s determination to lay a solid foundation for growth and development as outlined in the Strategic Implementation Plan (SIP) of our Change Agenda.”
The one-day session was held at the State House conference centre, with the theme “Building inter-ministerial synergy for effective planning and budgeting in Nigeria”.
The four key speakers at the retreat – Obadiah Mailafia, Ayo Teriba, Birsmark Rewane and Bode Agosto – spoke on Weaning the Economy out of oil dependence; Fiscal and Trade Policy options to get the economy out of recession; Monetary and Exchange Rate Policy options to get the economy out of recession and How to grow output and productivity in the Real Sector, respectively.