Nigeria’s Minister of Budget and National Planning, Udoma Udo Udoma, has said that the government is pleased, that the non-oil sector is now out of recession, as shown by recent figures by the National Bureau of Statistics.
Mr Udoma said this while briefing journalists after Wednesday’s meeting of the Federal Executive Council, FEC.
The cabinet meeting, was presided over by Vice President Yemi Osibanjo, who held brief for President Muhammadu Buhari, who is in Malabo, attending the 4th Africa-Arab Summit.
He said: “The good news is that the non-oil sector is improving. The sector has moved out of recession. It’s now 0.03 percent; so the sector is moving in the direction that is most encouraging for the government.”
Udoma however said the story was different in the oil sector, where he said the country was still in recession.
“In the Federal Executive Council, we always review the performance of the economy and at today’s meeting we looked at numbers released on Monday by the National Bureau of Statistics NBS, which showed that the economy is still in recession because the performance in the third quarter is slightly worse than the second quarter and this was attributable to the performance of the oil sector, which has been badly affected by the activities of militants but we believe that the fourth quarter will be far better,” Udoma said.
Also at Wednesday’s meeting, the Federal Executive Council approved the purchase of vehicles worth N464 million for the Federal Road Safety Corps, FRSC.
Briefing State House Correspondents, soon after the meeting of the Council, Minister of Labour and Employment Dr Chris Ngige said the move was to boost the activities of the Corps and make it more responsive to emergency situations on the country’s highways.
“The Federal Executive Council today approved the purchase of operational vehicles to strengthen the capacity of the Federal Road Safety Corps FRSC in order to maintain safety on our federal highways,” he said.
The Minister gave other details on the vehicles to be purchased for the FRSC.
“Council approved the purchase of 40 double carrier vehicles, which we call pick-ups and other 27 swift moving cars, Peugeot 310. The double cabin vehicles are to be sourced from Innoson motors while the small ones are to be purchased from Peugeot Automobile Company in Kaduna,” the Minister explained.