- The federal government has disclosed that the economic recession would be over before the end of the year
- The FG made the disclosure through minister of Budget and National Planning Senator Udo Udoma
- Senator Udoma said that based on the ongoing implementation of the 2017-2020 Economic Recovery and Growth Plan (ERGP) the country’s economy will come out of recession in 2017
The federal government has said Nigeria would be out of recession before the end of December this year.
Vanguard reports that the minister of Budget and National Planning, Sen. Udo Udoma disclosed this on Wednesday evening July 5 when he made a presentation to the APC National Working Committee (NWC) at the Party’s National Secretariat on the federal government’s 2017-2020 ERGP.
NAIJ.com gathered that though the meeting was held behind closed doors, spokesman of the party, Bolaji Abdullahi in a statement said based on the ongoing implementation of the 2017-2020 Economic Recovery and Growth Plan (ERGP) by the President Muhammadu Buhari-led administration, “the country’s economy will come out of recession in 2017”.
Sen. Udoma said the 2017-2020 ERGP and the 2017 National Budget is based on the manifesto of the All Progressives Congress (APC) and campaign promises made by President Muhammadu Buhari during the 2015 elections.
Citing high insecurity, massive corruption, unemployment, poor infrastructure, import dependent economy and other structural weaknesses, the Minister stated that the President Buhari-led administration inherited an economy that was in a very bad shape.
“APC promised to bring Change to Nigerians. During the campaign, President Muhammadu Buhari promised to tackle the security challenges, fight corruption and fix the broken economy.
"Mr. President has remained irrevocably committed to delivering on these three promises”, the Minister said during the presentation. He disclosed that the medium-term plan for 2017-2020 was developed through an extensive consultative process.
It builds on previous plans, including sectoral plans and captures the key promises of the APC, the minister said. “It (ERGP) contains bold actions required to tackle the current challenges and build a more resident economy.
It is designed to get the economy out of recession unto a path of diversified, sustainable and inclusive growth. In terms ERGP implementation, the minister said much of the capital provision in the 2017 Budget is directed at projects that are aligned with the core execution priorities of the ERGP.
He called on the Party’s hierarchy support to ensure delivery of the Plan’s objectives starting with the 2017 Budget. “Implementation of the 2017 Budget will be targeted at at achieving the objectives of the ERGP and delivering on the promises of the APC and of Mr. President.
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Earlier, the APC National Chairman, Chief John Odigie Oyegun in his remarks before the meeting dissolved into a closed-door session noted that the 2017-2020 Economic Recovery and Growth Plan (ERGP) was fundamental in rebuilding and strengthening of the foundation of country, particularly the economy.
“The Plan is fundamental because it is the basis for which the rebuilding and strengthening of the foundation of this nation is going to be based…
"As a Party, when we speak on the state of the economy, it must be based on knowledge and fact. With this presentation, we will be able to say three year from now everything being equal, this is where we are likely to be”, he said.
NAIJ.com had previously reported that the National Bureau Statistics (NBS) said that the Nigerian economy contracted despite that the country is moving out of the economy recession.
Meanwhile, in the video below, NAIJ.com asks Nigerians if they regretted voting for President Buhari: