Update on executive powers in presidency: Buhari fires Osinbajo, dissolves Economic Management Team

• Constitutes Economic Advisory Council

President Muhammadu Buhari, Monday, dissolved the Economic Management Team headed by Vice President Yemi Osinbajo and constituted the Economic Advisory Council (EAC), which does not include the vice president.

It was highlighted that the Economic Advisory Council is to advise President Buhari on economic policies, as well as fiscal analysis and economic growth.

A statement by the Special Adviser on Media and Publicity to the President, Femi Adesina, indicated that the Economic Advisory Council will replace the dissolved Economic Management Team (EMT) headed by Vice President Osinbajo which will be reporting directly to President Buhari.

Membership of the advisory council was identified to include Professor Doyin Salami, Chairman; Dr. Mohammed Sagagi,  Vice-Chairman; Professor Ode Ojowu, Member; Dr. Shehu Yahaya, Member; Dr. Iyabo Masha, Member; Professor Chukwuma Soludo, Member; Mr. Bismark Rewane, Member; Dr. Mohammed Adaya Salisu, Secretary, who is the Senior Special Assistant to the President on Development Policy.

Some stakeholders in the Nigerian project have expressed discontentment that the dissolution of the EMT and non-inclusion of the Vice President in the new EAC is signal of loss of confidence by the President on the Vice President. However, it was acknowledged that President Buhari may have opted to bring in professionals and economists to help his administration in finding viable ways of reviving Nigeria’s sinking economy.

Adesina in the statement highlighted that the Economic Advisory Council (EAC) will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

“The EAC will have monthly technical sessions as well as scheduled quarterly meetings with the President. The Chairman may, however, request for unscheduled meetings if the need arises,” he declared.