President Muhammadu Buhari and Vice President Yemi Osinbajo are currently in a retreat with cabinet members discussing the state of the nation’s economy and strategies to get the country out of recession.
The one day retreat holding at the State House conference centre, with the theme ‘building inter-ministerial synergy for effective planning and budgeting in Nigeria’ will also consider priority areas of the 2017 Budget.
Four key speakers including Obadiah Mailafia, Ayo Teriba, Birsmark Rewane and Bode Agusto will be making presentations during the closed technical session with the President.
They will be making presentations 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.
Inflation in Nigeria which was single digit between Q1:2014 and Q4:2015 has risen to double digit. Also, unemployment figures have been rising consistently in 2016. This has lead to calls for various interventions by the government to steam the free fall of the economy.
Newsmen were not allowed access into the hall for the technical sessions.
