The Federal Government has forecasted that the economy will grow 3.6 percent by 2017, rising to 4.26 percent in 2018 and 4 percent by 2019 on the back of the approved three-year spending plan by the President Buhari led administration, according to the Budget Minister, Udo Udoma.
According to a recent report by Bloomberg, the minister said, “We’re keeping to a very conservative figure in
terms of reference price of crude oil even though we’re expecting it to go higher,” Udoma said. “The government intends to intensify efforts in pursuing non-oil driven economy. We will continue to spend money on roads, rail transport, ports and so on.”
The economy of Nigeria has been hard hit by an elongated fall in price of oil which accounts for two-thirds of government revenue and nearly all of foreign exchange earnings.
Exacerbating the already anaemic condition in the country are attacks by the Niger Delta Avengers on pipe lines and oil and gas installations causing significant loss of government revenue.
The National Assembly passed into law a record N6.1 billion budget for 2016, with a deficit of N2.2 trillion which will be funded by borrowing. The expansionary budget will be used to finance capital projects such the construction of roads, hospitals, rails, schools and bridges.
The country has been grappling with foreign currency pressure as the fall in oil price depleted reserves and hindered the central bank from meeting dollar demand of banks and businesses.
who said so ?this present govt have taken measures to stablizes the economy and create opportunityfor economic growth,all things equal it could grow at about 10% in this quarter,if the cbn cut interest rate,it will create more confidence for people to borrow,personal I am not opposed for the cbn increasing bank interest,,,there is too too much leakages in the economy.the cbn did try to mop excess liquidity to almost 2 trillion and inflation is raising,south Africa also faces stagnation,to the best of my knowledge,they have not taken any creative measures to pushes their economy.
This present govt developed at least 5 strategic aim to stabilizes,stop this stagnation pushes the economy,this railway for lagos to calabar and kano to lagos can all be built in 2years, with construction going through from those 2 ends,govt plans to recruit new police officer to about 100,000.all training can last 6 month,they are recruiting gradute,they will totally destroy boko Haram before the next election.
All these are medium strategic aim,w hich are not including for the next budget in 2017,the vice-president have said with the constant discussion with the private sector,and farmers have increased production,becauses they said,we want more credit facilities,we do not want fertilizer subsidy .THIS PRESENT GOVT HAVE STARTED TO IDENTIFIES THE PROBLEM,IF THEY LISTEN FURTHER,MANUFACTURER CAN INCREASES.
This govt have done something,that have not been done before,the main factor here is the feeling of happiness,hope,feeling good about themselves ,is lacking here.president buhari had a meeting with APC governor this year,we have this eko atlantic construction, which could be repeated in all state capital,if lga focuses this happiness factor,nigeria can change forever.the economy did grew about 30 % in 2004. I cannot see,why this exercises done again