President Muhammadu Buhari has admitted that his regime has been sleeping amidst the economic crisis facing Nigeria but claimed he and his team had woken up.

Mr. Buhari acknowledged this while reiterating his regime’s commitment to lifting 100 million Nigerians out of poverty to ensure economic growth.

Mr. Buhari, during a meeting with the Presidential Economic Advisory Council (PEAC) at the State House in Abuja on Tuesday, stated that the strategy, although challenging, would bring about a “rapid, sustained, sustainable and inclusive economic growth.”

He added that the policy of alleviating poverty was not “something we just bumped into,” but a deliberate one that will be pursued with remarkable grit and determination.”

In a short speech after the presentation of the report on the national poverty reduction strategy developed by the PEAC, Mr. Buhari noted that the programme could be achieved.

The president expressed shock that nothing of such had been contemplated in past years “with all the resources available to it.”

Mr. Buhari said, “I was shocked, hearing from you, that, of the vast agricultural land resources available to the nation, only two percent of it is under irrigation.

“We will make the best use of the land. Thank you for shaking us up. We are now woken. We will not doze off again. We didn’t just bump into this. We believe it is something we can deliver on.” 

As part of the consultation process, he asked the PEAC to present the document to the Federal Executive Council (FEC) on Wednesday (today).

The plan by the PEAC Chairman, Doyin Salami, had earlier been presented to Vice President Yemi Osinbajo, secretaries to the government of all the 36 states, and the governors at the National Economic Council (NEC); development partners, including the World Bank, IMF, and AfDB; civil society organisations (CSO) and the organised private sector actors in the country.

PEAC was constituted on September 16, 2019, to replace the Economic Management Team (EMT), with the aim of “coordinating and synthesising ideas and efforts on how to lift 100 million Nigerians out of poverty in 10 years.”