"Particularly notable is that fact that the growth is driven by the non oil sector which has recorded its strongest growth since the fourth quarter of 2015. In short, we have turns the corner and are now firmly on the oath of growth"
The Minister of Budget and National Planning, Senator Udoma Udo Udoma while making the above remarks during a Press Conference today at the Press Centre of Nigeria Union Of Journalists noted that the report as released by the National Bureau of Statistics shows that sector such as Agriculture, manufacturing and services have recorded its best performance in second quarter.
He acknowledged that the administration faced real crisis economically owing to sharp drop in oil prices, situations where government had to struggle to meet its commitment s with many States unable to pay salaries, investors and businessmen complaining about difficulties encountered in doing business in the country, drop in foreign reserves from $37.33b in June 2014 and further to $23.81b in 2016, rise in inflation from 9.2% in June 2015 and peaking at 18.5% which all led to the economy dipping into recession.
Udoma however stated that the administration took steps to stop the drift and reverse the economic collapse through the introduction of an expansionary budget in 2016 which was accompanied by a Strategic Implementation Plan (SIP) which was designed to boost and restore confidence, introduction of the Economic Recovery and Growth Plan (ERGP) which he noted was yielding positive results with faithful planning.
The Minister informed Journalists that the Real GDP growth has improved from -2.34% in Q3 2016 to 1.18% in Q3 2018 adding that inflation rate has been trending downward from 18.55% as at December 2016 to 11.44% in December 2018.
He assured that the Buhari administration is making significant progress on the implementation of the various components of the National Social Intervention Programme where 1.6m loans have been successfully disbursed under the Government Enterprise and Empowerment Programme, feeding of over 9.3million school children daily under the Home Grown School Feeding Programme, Conditional Cash Transfer Scheme where 297, 973 poor Nigerians in 217 local government areas have benefited in the N5,000 cash transfer, N-Power and N-Build where 500,000 graduates and 20,000 non graduates are benefiting from among other key intervention programmes.
Udoma said that with the Buhari administration's continued commitment to the implementation of the ERGP, the economy will further be strengthened in 2019 and over the medium term.
In his response, the Chairman of the NUJ, Akwa Ibom State Council, Elder Patrick Albert commended the Minister for his forthrightness in his dealing in the Ministry noting that the country can be best assured that it is in safe hands being run by him.
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