Seasoned businessman, Chief Executive Officer & Director of Financial Derivatives Co. Ltd., Bismarck Rewane, has lauded the National Economic Sustainability Plan (NESP) of the Osinbajo-led NEC as an initiative that played a vital role in pulling Nigeria out of recession. Mr. Rewane made this remark while on Channels TV’s Friday edition of the daily business show, Business Morning. Expressing his surprise at how quickly the country seemed to have made it out of what initially appeared to be a grave economic challenge, he remarked, “I have always been optimistic, but quite frankly I was pleasantly surprised with the news.”

It should be recalled that in March 2020, an unfortunate period which seemed to kickstart the chunk of our Covid19-induced woes in sundry sectors, President Buhari charged his Vice, Prof. Yemi Osinbajo, with the responsibility of devising an impermeable buffer to cushion the adverse effects of the pandemic; hence the inauguration of the Economic Sustainability Committee which under the chairmanship of Vice President Osinbajo, birthed the Economic Sustainability Plan (ESP).

Mr. Rewane continued, “What are the facts, the facts are that Nigeria grew by 0.11% incurred from 2020 as against the consensus opinion that we would have a -2% or -3% growth.” He enthusiastically listed reasons he thought made this possible, leaving the Economic Sustainability Plan top of the list, “This happened due to four reasons; 1. The ESP was more successful than we initially thought it would be, 2. Supplementary budgets were announced two or three times in a year like the Ministry of Finance & National Planning 3. There was a fiscal stimulus which was more robust than we expected, including the IMF support and the World Bank support 4.The CBN’s consistent support in the Anchor Borrowers fund and others. All of these four things put together helped put the economy out of the recession and this means that in the 2nd quarter where we contracted -6%, we had only 13 activities expanding out of 36, in the 3rd quarter we had only 17 expanding and in the 4th quarter we had 29 activities expanding.” He further argued that these activities were “job elastic” and were good for the economy.

The Economic Sustainability Committee which was finally approved by the Federal Executive Council meeting of June 24, 2020, comprised of several Cabinet Ministers as well as the Group Managing Director of the NNPC and the Governor of the Central Bank of Nigeria (CBN). It had the following terms of reference:

- Development of a Plan that responds robustly and appropriately to the challenges posed by the COVID-19 pandemic,
- Identification of fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending,
- Creation of a financial stimulus package for the Nigerian economy,
- Articulation of specific measures to support the 36 States and the FCT, and lastly,
- Support for MSMEs and the creation of jobs.

Shortly after inception, the Economic Sustainability Plan with subcomponents like the Survival Fund, Artisan One-Time Grant, Social Housing Scheme and Solar Power Program amongst others began gaining clout, perhaps the most in November 2020, when the first batch of beneficiaries got paid under the Payroll Support Scheme which targeted MSME owners and their staff. This drew a loud applause from political commentators who praised the scheme for its honest implementation thus far.

As to whether Nigeria can sustain the good spell, business mogul and key member of President Buhari’s Economic Advisory Council, Mr. Rewane, replied, “Definitely, the difference between 2016 and now is that in 2016, we had 6 consecutive quarters of negative work; this time we had only 2 and we got out of it very quickly so we dodged the bullet.” He also argued that had the famous ENDSARS protest of October 2020 (Q4) not happened, the economic growth currently being celebrated might’ve been quicker; he cited the recent opening of the erstwhile closed borders and the noticeable increase in oil price ($65/$66) as favorable developments that slim Nigeria’s chances of slipping back into recession.

Even Biden copied Osinbajo....If you know what is inside America Recovery Plan, you will understand what am saying... all leaders around the world are coming up with ways on how to get their economy back together amid Covid.. Osinbajo is not receiving the accolades he suppose to be getting. He is a born leader.

Hehehe
Abeg I no fit laugh

OK, are we out of recession now? Many Nigerians may not agree with you oga. But truth be told, without Osinbajo on the team, imagine what would have happened to the Nigerian economy under this government!

Osinbajo may not be the best that we have. But, he is a proof that leadership is all about applying workable ideas, not just issuing bossy orders left right and center. Now, imagine having a person of ideas as the Nigerian President instead of the deputy!

Osinbajo has becoming a pace setter for others to follow and emulate

TheRareGem1:
Even Biden copied Osinbajo....If you know what is inside America Recovery Plan, you will understand what am saying... all leaders around the world are coming up with ways on how to get their economy back together amid Covid.. Osinbajo is not receiving the accolades he suppose to be getting. He is a born leader.

Wailers won't be comfortable with this truth. They will start shedding tears now. Anyways Osinbajo 2023 on my mind.

He enthusiastically listed reasons he thought made this possible, leaving the Economic Sustainability Plan top of the list, “This happened due to four reasons; 1. The ESP was more successful than we initially thought it would be, 2. Supplementary budgets were announced two or three times in a year like the Ministry of Finance & National Planning 3. There was a fiscal stimulus which was more robust than we expected, including the IMF support and the World Bank support 4.The CBN’s consistent support in the Anchor Borrowers fund and others.

Bismarck Rewane is absolutely right. The Economic support program developed and implemented by the Vice President got us out of the recession. The program concentrated majorly on getting money into the pockets of businesses and individuals badly affected by the pandemic and the result is what we’ve seen.

The transparent open manner the funds were disbursed without any sort of political influence ensured that only those in the target group got the funds.

We need to build on this gain by ensuring the program is sustained for some time and also dealing quickly with the insecurity in the country. The biggest threat to Nigeria’s economy today is insecurity and not even the pandemic. Every effort must be put in place to achieve peace all over the country.

Osibanjo is a good man dinning with the devil, he has inherit the demon of silence, well I don't blame him, that is how Nigeria is, when you try to fight for the masses the same masses will gang up against you and make you a devil, the highly exalted "saint" Peter Obi today was accused of massive corruption, senseless and human degradation using one James Nwafor but now Peter Obi is now angel Obi

Rinse and wash.

These ones are busy repeating the nonsense whitewashing they did on Buhari 2014 for Osibanjo. Thank God the incompetence of Buhari and his VP had gone a very long way in washing away the mumuness in a lot of Nigerians face.

Osibanjo should go and enjoy his loot, he has looted well, and Nigeria has suffered well under his care. We don't want no more.

Our Starboy never disappoints.

Starboy 2023, that is if we have not torn Nigeria and Fulanis into pieces before then.

Vice President Yemi Osinbajo has contributed immensely to our escaping the recession. Anyone who fails to realize this is just uninformed

A

Our able vp. If you doubt check biden recovery plan, star boy input dey there. I learnt us, uk, Canada and European presidents regularly call star boy for advice on how to grow their economy. Even chinese president get starboy on speed dial for quick consultation. If you reach aso rock you see african leaders lining up to see our starboy

I hve talk my own if you like agree if you like don't, na you sabi