Presidency Muhammadu Buhari on Monday declared that he is pleased with the level of progress made on different fronts of the economy, the Presidency said.
A statement by Presidential Spokesman, Femi Adesina, said the President met for about two hours with members of his cabinet in charge of the financial sector, to receive update on the state of the country’s economy.
At the meeting, issues relating to monetary policy strategies and their economic impact were discussed.
Buhari returned to the country penultimate Saturday after over 100 days of medical vacation in London, United Kingdom, during which time Vice President Yemi Osinbajo ran the affairs of the country and the economy.
“For almost two hours, President Muhammadu Buhari Monday received briefing from the Minister of Budget and National Planning, Senator Udoma Udo Udoma, the Minister of Finance, Kemi Adeosun, and Governor
of the Central Bank of Nigeria (CBN), Godwin Emefiele, after which a delighted President declared that he was pleased with the progress being made on different fronts.
“The Ministers and CBN Governor updated the President on the improving state of the economy, implementation of the 2017 Budget, preparation for the 2018 Budget, revenue strategies, combined cost reduction and debt management” the statement .
Reminding the Ministers and CBN Governor that reviving the economy was one of the major planks on which the campaign of his party, the All Progressives Congress (APC), was based, the President expressed gladness that things were looking up after two years of yeoman’s job.
Urging them to keep at it, the President noted that “the main aim of government was to bring succour to Nigerians across all walks of life.”
Nigeria, the continent’s most populous country, is in its second year of recession and has been contending with a currency crisis and dollar shortages brought on by low oil prices, which is the OPEC member’s mainstay.
But oil prices have risen since the low prices of 2014, leading to increased receipts and peace talks have this year halted the attacks on energy facilities in the southern Niger Delta which in 2016 cut crude production by more than a third.
The National Bureau of statistics (NBS) office on Monday said annual inflation had slowed for a sixth straight month in July, easing to 16.05 percent.
And Nigerian stocks rose to a nearly three-year-high in August, largely on the opening of a market-determined FX trade window by the central bank in April that has prompted some foreign investors to return.
Elizabeth Archibong
