Nigeria News

Why Buhari Formed Economic Advisory Council

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ElevateNews takes a look at the reasons why President Muhammadu Buhari formed the Economic Advisory Council.

The creation of Economic Advisory Council by President Muhammadu Buhari was not really the cause of the media uproar that nearly spoiled the peaceful relationship between the president and Vice President Yemi Osinbajo but the misinformation by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina.

Adesina’s Press statement was terse as it announced the inauguration of EAC to replace the National Economic Council being headed by Osinbajo.

Of course, with such a statement duly signed by the President media aide, no one would agree that Osinbajo’s position as the Chairman of the NEC had not been hijacked by the president.

Constitutionally, the NEC is chaired by the Vice President as it was since 1999 during the regime of former President Olusegun Obasanjo in which Vice President Atiku Abubakar held that position as the Chairman of NEC.

So it was during that of former and late President Umoru Yar’Adua when Vice President Goodluck Jonathan held that sensitive position.

But Adesina’s abrupt statement triggered the fifth columnists to pounce on the presidency, muddling the function of the EAC with that of NEC.

NEC is a body that brainstorms on the formulation of economic policy while the EAC that is newly created is a body to advise the President on these policies and how and when it should be implemented.

The EAC can also advise the President not to implement a policy formulated by the NEC, which has all the State governors as members. In a nutshell, there is no way the EAC can replace NEC, which is a bigger body, created by law.

However, the President will need EAC so as to understand better the direction of the economy as viewed by the experts in this body.

It is obvious that Mr. President has little knowledge about economics and would need an interpreter in this modern age to stamp his authority.

Osinbajo should be commended for not hijacking the NEC as Atiku did to enrich himself, which later culminated into the frosty relationship between him and Obasanjo.

Osinbajo has been loyal and never proved to be better than Buhari in terms of education, yet some Mafias in this government are not happy with the way things are going.

Is it because Osinbajo has failed in his role as the Chairman of NEC? The answer is Yes and No.

Yes, because this economy has impoverished more Nigerians in the last four years. Yes, because the exchange rate has not been encouraging at all while businesses fold up and the rate of unemployment increases.

It may also be a No, because the Osinbajo led team has ensured the return of Buhari, using the social investment strategy of trader money to win the votes of market women. Also because the EAC is a body to checkmate the programme of Osinbajo ahead of 2023 presidential election.

To me, the Buhari’s EAC is a police to monitor Osinbajo’s NEC.

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