The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has told Vanguard in an interview on the sidelines of the just concluded 2018 Annual Meetings of the International Monetary Fund (IMF) and the World Bank, in Bali, Indonesia, that although the performances of the ministries and agencies of the federal government varied, it was generally an impressive record.
According to the minister, “Overall, the 2017 budget implementation was about 86 per cent. Capital releases was at N1.44 trillion, the highest ever, while recurrent was
almost 100 percent. All debt service obligations were fully met.” Good news about Nigeria On the overall Annual Meetings, Sen. Udoma said that the Nigerian story was good, given the positive results from the Economic Recovery and Growth Plan (ERGP). He said, “Basically since this is a forum where all Ministers of Finance, Governors of Central Banks and investors from all over the world meet, it is a good opportunity for us to meet with investors and analysts to speak to them about Nigeria. “We met investors to give them the good news about developments in Nigeria. We spoke to investors to continue to see Nigeria as a good place to do business. ERGP yielding results Sen. Udoma said that the Economic Recovery and Growth Plan was yielding impressive results since its primary objectives were to pull Nigeria out of recession and put the economy on the path of growth. The two objectives, he said, have been achieved and assured that the implementation of the plan would raise the bar of the nation’s economy, both in the immediate and long-term. His words, “As you know, we went into a recession in 2016. We developed policies to get us out of recession. Those policies were encapsulated in a single document called the Economic Recovery and Growth Plan (ERGP). That plan involved investing in both oil and non-oil (sectors). We did both. Part of that plan was that we will engage with the communities in the Niger Delta to get a more favourable environment for oil production and then non-oil: agriculture, solid minerals, manufacturing and son on – to fire on all cylinders. “Since the plan was launched and we started implementing it, we have got out of recession and we are beginning to grow. “In 2017, our growth was 0.8 percent. By half year, this year, we were on 1.5 percent. We are hoping that by the end of the year, we will be growing at 2.1 percent. That is our target for this year. For next year, we are hoping that we will be growing at 3 Percent.
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According to the minister, “Overall, the 2017 budget implementation was about 86 per cent. Capital releases was at N1.44 trillion, the highest ever, while recurrent was
almost 100 percent. All debt service obligations were fully met.” Good news about Nigeria On the overall Annual Meetings, Sen. Udoma said that the Nigerian story was good, given the positive results from the Economic Recovery and Growth Plan (ERGP). He said, “Basically since this is a forum where all Ministers of Finance, Governors of Central Banks and investors from all over the world meet, it is a good opportunity for us to meet with investors and analysts to speak to them about Nigeria. “We met investors to give them the good news about developments in Nigeria. We spoke to investors to continue to see Nigeria as a good place to do business. ERGP yielding results Sen. Udoma said that the Economic Recovery and Growth Plan was yielding impressive results since its primary objectives were to pull Nigeria out of recession and put the economy on the path of growth. The two objectives, he said, have been achieved and assured that the implementation of the plan would raise the bar of the nation’s economy, both in the immediate and long-term. His words, “As you know, we went into a recession in 2016. We developed policies to get us out of recession. Those policies were encapsulated in a single document called the Economic Recovery and Growth Plan (ERGP). That plan involved investing in both oil and non-oil (sectors). We did both. Part of that plan was that we will engage with the communities in the Niger Delta to get a more favourable environment for oil production and then non-oil: agriculture, solid minerals, manufacturing and son on – to fire on all cylinders. “Since the plan was launched and we started implementing it, we have got out of recession and we are beginning to grow. “In 2017, our growth was 0.8 percent. By half year, this year, we were on 1.5 percent. We are hoping that by the end of the year, we will be growing at 2.1 percent. That is our target for this year. For next year, we are hoping that we will be growing at 3 Percent.
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