Mr David Ibidapo, an economic and financial analyst, says the newly-constituted Economic Advisory Council (EAC) should guide President Muhammadu Buhari in taking right economic decisions that will yield the desired results for the country.
Ibidapo told the News Agency of Nigeria (NAN) on Wednesday in Abuja that constituting the council was a good initiative and that the members were experts in economic matters.
He, however, said that what was needed was for the council members to use their expertise to spur the country’s economic growth.
“In the current precarious state of the economy, we need the right direction and maybe they (EAC) will be able to let the government know that increasing Value Added Tax (VAT) is not the solution to its revenue challenges.
“What the government is currently facing is not only revenue challenge, but also bad expenditure administration.
“The issue that should be tackled is how to improve tax collection and reduce debt burdens. We also need to break out of the stranglehold of using majority of our revenues to service debt and on recurrent expenditure,” he said.
The financial analyst charged the council to work harmoniously with all the fiscal and monetary agencies to achieve the desire result.
“It is an advisory board with big brains. Heads of fiscal and monetary agencies too should take recommendations from them”, he added.
NAN reports that Buhari had, on Monday, constituted the EAC saddled with the responsibility of advising him on economic matters.
The eight-member council, chaired by Prof. Doyin Salami, is to replace the Economic Management Team (EMT) headed by Vice President Yemi Osinbajo.