- As FG eyes 3.5% Economic Growth in 2018
BY COBHAM NSA, ABUJA – The Federal Government has assured that activities leading to the 2019 general elections will not deflate its committed implementation of the 2018 capital budget.
Minister of Finance, Mrs Kemi Adeosun, who gave the assurance, said the President Muhammadu Buhari’s administration will strictly and prudently deploy all budgeted funds towards infrastructural projects across the country, particularly the completion of on-going projects.
Mrs Adeosun insisted that there will be no fraudulent diversion of project funds for the forthcoming general elections in the country, pledging that government is determined to maintain the capital budget funding implementation.
The Minister, who delivered Vice President Yemi Osinbajo’s lecture to the National Defence College (NDC) Course 26 participants in Abuja, said; “The Administration remains committed to infrastructure spending at the high levels of the past two years and the completion of major ongoing projects.”
According to her, there is no compromise in government’s resolve to deliver on its programme of transformation; employment generation; jobs and wealth creation across the country.
The Vice President’s lecture on ‘Economic Dimensions of National Security: The Nigerian Experience’, said improvement in economic security remains vital to Nigeria’s economic growth, human security improvement, and realisation of national defence and security requirements.
Vice President Osinbajo stated that the Federal Government will not renege on playing its key role of engendering national cohesion by promoting social inclusion as an important State objective, noting that; “Economic development is a springboard for improved national security because it comes with growth which enables more resources for a growing population.
“National economic development means that a country can meet its national security needs without depending on outsiders for the provision of its defence and security needs. Depending on food and energy imports makes a nation vulnerable to external pressure”, the Vice President said.
Professor Osinbajo, who chairs the government’s Economic Management Team (EMT), said the Economic Recovery and Growth Plan (ERGP) was adopted in response to the recession towards restoring growth and reducing Nigeria’s vulnerability to external shocks.
He also explained that the ERGP was initiated to address macroeconomic balance; increase contribution of agriculture; manufacturing; mining and high value services to the economy; build a competitive economy through the provision of infrastructure; and invest in the Nigerian people.
Speaking on the Social Investment Programme (SIP), the Vice President said about 200,000 N-Power Jobs had been created under the programme while 250 million meals had been served under the Home Grown School Feeding Programme.
Prof Osinbajo, who is upbeat about Nigeria’s outlook for 2018, said the Federal Government expects the economy to grow by 3.5 per cent, about 1.4 per cent more than the International Monetary Fund (IMF)’s projection of 2.1 per cent for Nigeria, adding that 300,000 micro loans have been issued under the Government Enterprise and Empowerment Programme.
Insisting that contrary to criticisms from some quarters, the inflation projection of 15.74 per cent by end of 2017 was achieved, the Vice President said; “there is good reason to believe that the EGRP target of 12.42% by the end of 2018 can be achieved.”
He stated that “with regard to foreign exchange reserves, the level of $40.3 billion achieved by end January is already quite close to the amount of $43.53 billion projected in the ERGP for the end of this year.”
For the Vice President, “Given the current state of the oil market, this is a target that can readily be achieved.”
On November 7, 2017, the budget of N8.612 trillion presented to the National Assembly (NASS) by President Muhammadu Buhari had its focus on massive infrastructure development such as key strategic roads, rail projects and power projects, among others.
