The Presidential Economic Advisory Council, PEAC, has warned that in the implementation of the N2.3 trillion spending plan, there could arise a number of problems which, if not handled carefully, could hamper the objective.
The Chairman of PEAC, Professor Doyin Salami, gave the warning in Abuja during a virtual audience between members of the Council and President Muhammadu Buhari.
Professor Salami advised that the Economic Sustainability Plan, ESP, be implemented using existing institutional and administrative structures; while attention be paid to sources of funding to avoid inflation.
He emphasised that priorities, targets, and time-limits be set for all projects to make for their completion within the 12-month life-span of the ESP, advising that uncompleted projects be rolled into the new Economic Recovery and Growth Plan (ERGP II).
PEAC recommended that the ESP must promote export-oriented production strategies; ensure the use of local resources; curtail post-harvest losses in agriculture, make the economy attractive to non-debt private sector-funded investment to cut the rising cost of debt services.
Other recommendations included the need to embark on mass housing schemes to create jobs financed through a Public Private Partnership arrangement; the urgent need to move away from multiple exchange rates to a unified currency exchange rate, and to continue to ease the environment of doing business in the country.
President Buhari has accepted the immediate need to activate the PEAC’s proposal on the Public Policy Co-ordinating Office, under the Office of the Secretary to the Government of the Federation, and gave further assurances that he would continue to listen to PEAC for guidance.