FG promises to end recession by Dec, outlines 3-yr economic plan

The Federal Government has assured Nigerians that the present recession ravaging the country will be over before the end of December.

Nigeria has been in what many say is unprecedented hardship since the present administration took over power in 2015.

However, the Minister of Budget and National Planning, Sen. Udo Udoma, said that the recession in the land will be over in less than six months.

He stated this during a presentation to the All Progressives Congress (APC) National Working Committee (NWC) at the Party’s National Secretariat on the Federal Government’s 2017-2020 Economic Recovery and Growth Plan (ERGP) .

While the meeting was held behind closed doors, a statement by APC’s spokesman, Bolaji Abdullahi, revealed the details of the presentation.

According to the statement, following the ongoing implementation of the 2017-2020 ERGP of the President Buhari-led administration, “the country’s economy will come out of recession in 2017”.

Udoma was noted to have said that the 2017-2020 ERGP and the 2017 National Budget is based on the manifesto of the APC and campaign promises made by President Buhari during the 2015 elections.

“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”, Udoma was quoted saying in his presentation.

The minister noted that the medium-term plan for 2017-2020 was developed through an extensive consultative process.

He said, “It builds on previous plans, including sectoral plans and captures the key promises of the APC. Its (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.”

On the implementation of the ERGP, Udoma explained that much of the capital provision in the 2017 Budget was directed at projects that are aligned with the core execution priorities of the ERGP.

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He urged the party’s leadership to support delivery of the plan’s objectives starting with the 2017 Budget.

“Implementation of the 2017 Budget will be targeted at achieving the objectives of the ERGP and delivering on the promises of the APC and of Mr. President,” he added.

APC national chairman, Chief John Odigie Oyegun, had in an earlier remark before the meeting dissolved into a closed-door session, said that the 2017-2020 ERGP was necessary in rebuilding and strengthening of the foundation of country, particularly the economy.

He said, “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.”

 

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