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My govt grew Nigeria’s foreign reserve from $29.6bn to $47.5bn in 3 years— Buhari

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My govt grew Nigeria's foreign reserve from $29.6bn to $47.5bn in 3 years— Buhari

President Muhammadu Buhari said his administration successfully increased Nigeria’s foreign reserve from the $29.6 billion it was in 2015 when he took over office to $47.5 billion as at May 18, 2018.

President Buhari made the disclosure at the 17th National Productivity Order of Merit (NPOM) Awards at the Nigerian Airforce Conference Center in Abuja on Tuesday.

Speaking on theme of the event, “Productivity for Economic Recovery and Sustainable Growth,” Buhari said despite the economic challenges his government faced upon assumption of office, it had recorded some achievements in its policies implementation.

Buhari also noted that the level of accountability has been greatly improved in his administration with the introduction of the Treasury Single Account (TSA) policy, adding that the policy has saved the country N200 biillion which would have been used to pay salaries of ghost workers in the public service.

He said the Gross Domestic Product (GDP) of the country stood at 1.95% in the first quarter of 2018, stressing it was an achievement previous administration could not achieve even when economy was buoyant with increased revenue inflow from crude oil sale.

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While noting that his government would not compromise on policies that would ensure sustained productivity, the president warned that his administration would not tolerate mediocrity from any public or private citizens, promising that he would go extra miles to reward excellence.

Meanwhile, Ibukun Awosika, a former industrialist and banker, in her presentstion, pointed out some shortcomings in Buhari’s adminstration, saying Nigeria’s bilateral policies is affecting its economy growth negatively.

She said Nigeria was found of entering bilateral relations with countries and multinational firm but has failed to use the deals to create jobs for its teaming youths.

Awosika, however, urged the government to implement policies that would fully harness the potentials of Nigerian youths.

 

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