President Muhammadu Buhari has received the report of the Economic Sustainability Committee (ESC) with a pledge that his administration will continue to implement measures to safeguard the economy.

The Economic Sustainability Committee, chaired by Vice-President Yemi Osinbajo, was inaugurated by the President on the 30th of March in response to the threat of severe economic downturn in the nation’s history, largely caused by the COVID-19 pandemic.

The committee was specifically charged with the responsibility to develop a clear Economic Sustainability Plan in response to challenges posed by the COVID-19 pandemic and to propose monetary policy measures in support of the plan among others.

Buhari, who lauded Nigerians for their resilience in adapting to the realities of COVID 19, noted that the emergence of Coronavirus threw the entire world into serious economic crisis, hence making things difficult.

“Non-oil incomes largely made up of taxes are also dramatically reduced on account of the lockdown.

“It is clear that businesses face the prospect of collapse; so, we must prepare for difficult times while government continues to seek ways of supporting businesses and industries.

Intending in creating millions of job especially for our youths through massive programme agricultural and agro allied sectors, housing, business process facility management and public works, promoting targeted job creating infrastructural investment in roads, bridge, communication technology and installation of solar home systems, with particular emphasis on locally sourced materials,”

According to the president, while the COVID-19 pandemic spreads through our towns and cities, it continues to take a massive toll on the economy.

“I know that many of us have experienced great difficulty during this time, businesses have considerably slowed down and, in certain instances, operations closed,.

“Work days have been cut short and personal liberties restricted; people have lost their jobs and earning a living has, indeed, been difficult.

“This has been a trying time for those in the informal sector, which constitutes a large part of our economy.

“Important family celebrations were held without the presence of loved ones, schools are closed and parents have had to resort to home schooling in addition to juggling other responsibilities.

“Despite all these, Nigerians have done their best and persevered. I must salute Nigerians for their resilience in adapting to the realities of the COVID-19 effect while also recognising the super human efforts of our frontline health workers who continue to play a critical role in keeping our country and people safe,” he said

President Buhari thanked the committee for the good work and important recommendations made to serve as a national plan for the nation.

He noted with delight that the Economic Sustainability committee had consulted with both the National Economic Council and the National Assembly.

“I congratulate the Economic Sustainability Committee for completing this critical national assignment in good time.

“I believe that with God’s help and a sense of duty to prosperity, we will successfully reset our economy for a brighter future,” the President said.

Earlier, while presenting the report, Vice-President Yemi Osinbajo said that the committee consulted widely and received memoranda from members of the Presidential Economic Advisory Council, the 36 State Governors and leadership of the National Assembly.

He said the committee also took into account existing government policies and strategies, including the following:

(i) The Economic Recovery and Growth Plan (ERGP)

(ii) Report of the Economic Crisis Committee (headed by the Hon. Minister of Finance, Budget & National Planning)

(iii) The Finance Act 2019;

(iv) Central Bank of Nigeria (CBN) proposals; and

(iv) The National Economic Council Report on the COVID-19 Crisis.

Vice President Osinbajo said that the constitution of the Committee was motivated by the President’s directive to come up with a plan that would provide succour to Nigerians, taking into account the dangers posed to the economy by the global economic slowdown.

“The key to the success of this plan is undoubtedly ‘implementation’; making sure that we execute the Plan faithfully and working in collaboration,” Osinbajo said.