The team is responsible for developing Nigeria’s economic recovery plan from the COVID-19 pandemic.
The Committee on Economic Sustainability Plan is led by Vice-President Yemi Osinbajo.
The committee explained that the restrictions imposed on Nigerians to prevent the spread of coronavirus had significantly affected the agriculture, manufacturing, and tourism sectors.
It said the dip in the nation's oil earnings would result in a $473million shortfall every month.
The committee presented its economic plan to President Muhammadu Buhari on Thursday.
The committee made recommendations to curb economic challenges. One of the recommendations is the rolling out of mass programmes that create jobs and the utilization of local materials in agriculture, housing, and road construction.
Nigeria's Lagos, Abuja, and Ogun states were put on lockdown that ended in May to prevent the spread of coronavirus.
The country has so far confirmed 14,554 cases of coronavirus