The Nigerian Presidency and governors of the 36 states have expressed concern over the rising rate of Dollar against the local currency, the Naira, and insisted that urgent measures should be taken by relevant stakeholders to arrest the drift.
The concern was expressed today at the meeting, in the Presidential Villa, Abuja, of the National Economic Councils (NEC), which has all the governors as members and Vice President Yemi Osinbajo as chairman.
The concern came on the heels of a brief presentation by the governor of the Central Banak of Nigeria Mr. Godwin Emefiele, on Forex Policy options.
Members were openly worried over the current situation of the exchange rate and called for an urgent review of the current Forex Policy, especially the gap between interbank and the parallel market rates.
This was even as the CBN Governor assuaged the fears by members, calling for patience and understanding.
He gave assurance that the situation is being closely managed.
This was even as the minister of Budget and National Planning, Udoma Udo Udoma, assured the Council members that Federal Government has a recovery plan that will take Nigeria out of the woods.
He said that consultations on the plan are ongoing to firm-up the plan with clear roles for all the stakeholders and the States.
He told the Council that the plan will address the following:
Agriculture and food security
Energy sufficiency-power and petroleum availability
Improving transportation infrastructure
Industrialization, SMEs, and manufacturing
Stabilization of the macro-economic environment
Also, the minister of Finance, Kemi Adeosun, reported that eight Accounting Firms have been appointed to start the verification process of the monthly Budget Support Loan Facility based on the approved Fiscal Sustainability Plan by the States.
The agric minister, Audu Ogbe, informed the Council of the massive wheat production in the States of Jigawa, Kano, Kebbi and Zamfara among others.
He said that the States are appealing to the Federal Government to make plans for the purchase of excess wheat to ensure price stability and sustainable production.
Council, thereafter, agreed to discuss and make adequate buy-back arrangements in order to support price stability. [myad]
