Nigeria Targets 4.2% GDP Growth By 2017 [Key Takeaways]

Finance Minister, Kemi Adeosun, has said that the Federal Government is targeting 4.2 per cent GDP growth by 2017. Here are the key points from the minister’s speech to Chief Financial Officers (CFOs) at the KPMG’s 2016 CFOs forum.

1. The 30% Capital expenditure budget in 2016 is to stimulate the economy.
2. Government plans to reduce domestic borrowing to fund budget deficit as to ‘force’ banks to lend to the productive sector. 50% of 2016 budget borrowing will be from external sources.
3. The FG payroll bill in January 2016 was 5 billion naira less than that of December 2015. Reason: many fraudulent “ghost” accounts had been delisted. The goal is to achieve 10 billion monthly savings.
4. 400 accounts opened in a Bank same day and put on the payroll are now inactive due to BVN.
5. Government is re-negotiating all contracts of supply as spending on stationery and office consumables in 2015 was 18.5billion while total spend on capital expenditure was 18.9billion.
6. One former public official is negotiating with FG to return $1billion of stolen fund.
7. As Finance Minister, Mrs. Adeosun said the FG wouldn’t want to know or care to know the price of crude oil. Implying as they plan to build a self-sustaining economy.