Insists on $29.9b loan in meeting with Saraki
Following
two days of brainstorming in Abuja, various teams drawn from the public
and private sector have concluded work on various aspects of a new and
comprehensive economic blueprint for Nigeria.
Minister of Budget
and National Planning, Senator Udo Udoma whose ministry organized the
retreat stated that contrary to critics’ misleading opinion that the
federal government lacks an economic programme, President Muhammadu
Buhari had laid out one in his 2016 Budget speech.
According to
the minister, the president’s economic vision, the Strategic
Implementation Plan drawn up by his ministry along with vibrant ideas
canvassed or analysed at the retreat would be harmonised and launched as
the federal government’s comprehensive economic development programme
next month.
“It is helpful to note that the National Economic
Recovery and Growth Plan will play a signalling role, while also
promoting coherence and coordination.
“In other words, by putting
government strategies, directions, policy priorities and intended
initiatives in one place, other stakeholders are better able to take
their own strategic economic decisions.
“In addition, economic
actors in various sectors will be guided by commonly derived objectives
in the plan which promote coordination and prevent duplication and
needless dissipation of scarce resources.
“The planning process
also provides an opportunity to review the trajectory of the economy,
especially in the context of regional and global developments,” Senator
Udoma stated.
According to him, the federal government’s focus on
stimulating and revitalising the Nigerian economy is yielding positive
results already, especially through the reforms in agriculture,
stimulated investment in the solid minerals sector and the ‘Made in
Nigeria’ campaign.
He noted that government’s identification of
45, 000 ghost workers through the Treasury Single Account and the
liberalization of fuel supply which curbed daily consumption by 30% and
saved $4. 5 million daily expenditure through elimination of false
subsidy claims are among the recent economic gains.
Pointing out
that Nigeria has been grappling with the ‘triple shock of prices,
production and power’ for most of 2016, he stated that economic
recession, collapse of oil prices and the vandalization of oil pipelines
that has a negative effect on electricity and gas supplies are serious
challenges.
He said that the two-day retreat was conceptualised
to provide an opportunity for stakeholders from the various sectors of
the economy to consult and exchange views on the medium-term economic
plan and facilitate enduring macroeconomic stability, economic
diversification, ease business competitiveness, enhance social inclusion
and assess governance processes towards enhancing rapid economic
growth.
Among government officials present at the retreat, along
with private sector players were the Minister of Mines and Steel
Development, Mr. Kayode Fayemi, Minister of State, Petroleum Resources,
Dr. Ibe Kachikwu, Minister of State for Health, Dr. Alhassan, Permanent
Secretary in Ministry of Budget and National Planning, Hajia Fatima
Mede, Special Adviser to the President on National Planning, Alhaji
Tijani Abdullahi and a Deputy Governor of CBN, Dr. Sarah Alade.
Eminent
experts invited to lead brainstorming sessions on macroeconomic reforms
include Mr. Bismarck Rewane, Professor Akpan Ekpo, Dr. Abraham Nwankwo
from Debt Management Office and Dr. Yemi Kale who heads the National
Bureau of Statistics.
Those who examined various aspects of
economic growth drivers are Mr. Bode Agusto, Professor Olu Ajakaiye,
Mansur Ahmed, Mr. Linus Adie, Mr. Segun Awolowo and Dr Yemi Dipeolu,
Economic Adviser in the office of the Vice President.
Those
invited to analyse ideas for improving business competitiveness include
Mr. Frank Nweke, Dr. Ayo Teriba, Dr. Obadiah Mailafia, Ambassador Chiedu
Osakwe, Mrs Yewande Sadiku and Mr. Louis Edozien.
Aspects of
social inclusion and job creation in the forthcoming economic blueprint
were handled by Professor Ode Ojowu, Professor Joe Umo, Dr. Martina
Nwordu and Mr. Afolabi Imoukhuede who is SSA to the Vice President on
Job Creation.
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