President Muhammadu Buhari while reviewing economic developments over the past three and a half years emphasized achievements of his administration at the Joint Session of the National Assembly. Patrick Andrew brings highlights
“The economy has recovered from recession and we have had six quarters of growth since then. We have done more work with less resources in agriculture, infrastructure and social investments.
“We have built better understanding between the Federal Government and the States on non-partisan lines, in particular, intervening several times to support States to meet their obligations including the payment of salaries and pensions.
“Sustained development is difficult, if not impossible, in an atmosphere of insecurity and poor governance. We have therefore made strenuous and successful efforts to overcome the insurgency in the North-East and to resolve inter-communal misunderstandings elsewhere.
“The Federal government and the National Economic Council have been working in a unified and patriotic manner to tackle the underlying causes of tension between pastoralists and sedentary farmers. These conflicts have a long-standing history caused mainly by competition for increasingly scarce resources occasioned by rising population and erratic weather conditions – a product of climate change.
“The Federal Government has also sustained its efforts to fight grand corruption and improve public financial management, and its efforts to improve public financial management through the comprehensive implementation of the Treasury Single Account, the Government Integrated Financial Management Information System and the Integrated Payroll and Personnel Information System.
“You will also recall that as part of our commitment to improved governance, we joined the Open Government Partnership in 2016 with the aim of enhancing public service delivery, promoting business opportunity, enhancing government efficiencies, preventing corruption and building trust in government.
“We remain committed to these, and other institutional reforms that will enhance transparency and accountability in public service delivery. We also recorded several successes in economic management. Real Gross Domestic Product growth stood at 1.81 percent in the third quarter of 2018 compared to 1.17 percent in the third quarter of 2017.
“We have had a sustained accretion to foreign exchange reserves from a low of $28.57 billion in May 2015 to $42.92 billion by mid-December 2018.
“This has contributed to exchange rate stability and will provide a buffer against any unanticipated external shocks. Inflation has also declined from a peak of 18.72 percent in January 2017 to 11.28 percent in November this year. In the area of trade, Nigeria has moved from a deficit to surplus in our trade balance.
“As at the third quarter of 2018, the trade balance was a surplus of N681.27 billion representing a significant improvement from the deficit of N290.1 billion in 2016. This reflects the rebound in crude oil exports, increased non-oil exports and a reduction in the importation of food and items that can be produced locally.
“Foreign capital inflows including direct and portfolio investments also responded to improved economic management. Capital importation to Nigeria in the third quarter of 2018 stood at $2.86 billion, which is a 56.7 percent increase compared to the corresponding period in 2016. Trading is a significant contributor to our economic development but we must continue to focus on strengthening actual production.
“From farmers to miners to processors to digital entrepreneurs to players in the entertainment industry, all hands must be on deck to ensure the country succeeds. With regard to the oil and gas sector, crude oil production continues to increase steadily towards budgetary targets and will receive a further boost when the 200,000 barrels per day Egina oil field starts operations”.
FG, APC lack knowledge of economy, says Atiku
Presidential candidate of the Peoples Democratic Party (PDP) Alhaji Atiku Abubakar however takes a swipe at President Muhammadu Buhari and All Progressives Congress saying they lack the skill to manage nation’s economy. Patrick Andrew captures his argument.
Atiku, who stated this at a townhall meeting and interactive session with South-East business community in Aba, Abia state, also accused the government of President Buhari of destroying the foundation laid by the PDP in its 16 years in office in the area of business facilitation and promotion.
The PDP flag bearer promised to harness the creative energies of the business community in the South-East to facilitate job creation if voted into office.
He said: “This government doesn’t have the capacity, the will to do it (create jobs). We started the ease of doing business in Nigeria but this government came and completely destroyed it. We made it possible for business to be incorporated in 24 hours. We want to do it again and make it possible to register business on your own computers.
“I will do whatever I can to promote business as long as it is within the confines of our laws. I will do this not because I am a businessman but I want to see prosperity in our country.
“I know and feel you pain because I’m also one of you but we have to work together to remove those challenges, those pains of doing business.
“It was PDP administration that established dry ports. So, why would we not want them to function properly? If you want them to work, you had better return PDP back to power”.
He told the gathering of businessmen that the PDP Presidential ticket is a unique one which if given the opportunity, will make a difference in the lives of the people.
“We have two great businessmen in myself and Peter Obi. Nigeria has not had this (combination) since independence,” Atiku added.
Speaking earlier, Vice Presidential candidate, Peter Obi described Atiku as the man with the Midas touch to create wealth for the vast majority of Nigerians.
“The incoming President is different. He is a businessman, he has created wealth. If you have created wealth, you can manage Nigeria. He knows what’s happening in the market.
“Atiku will solve manufacturing problems because he’s a manufacturer. The next PDP government will be totally different because we have a man who has an idea. Under Atiku, Small and Medium Scale Enterprises, SMEs will not be looking for money, money will be looking for SMEs,” he stated.
