The Nigerian Government has embarked on reforms to achieve Macro economic plans to address the current socio-economic challenges and attract investments to the country.
The Minister of Budget and National Planning, Mr. Abubakar Bagudu, stated this while responding to questions from the Media on the state of the Nigerian Economy, during a World Press Conference organised by the Ministry of information in Abuja, the Nation’s capital.
Mr. Bagudu, while acknowledging that the reforms have started giving positive impact on the Nigerian economy, called on Nigerians to be patient for the better days ahead.
”Our infrastructure is not catching up with our dreams our educational system, our health system is suffering from under investment and this in addition to other sectors, the creative economy, digital economy, the steel sector, what is the answer to all these is to restore macro economic stability that will ensure that, investors, both domestic and international put their face in our economy once again”.
”We embarked on macro economy reforms as part of the Renewed Hope Agenda, because that what responsible for low investment, low revenues and our economic size was shrinking,too small compare with our need, nothing we do can solve the problems, of under investment in various sectors of the economy, be it security, be it education, be it social welfare, without restoring the macro economic environment that can simulate investment in our economy, which will generate revenue for us to fix security”.
”We embarked on macro economy reforms as part of the Renewed Hope Agenda, because that what responsible for low investment, low revenues and our economic size was shrinking,too small compare with our need, nothing we do can solve the problems, of under investment in various sectors of the economy, be it security, be it education, be it social welfare, without restoring the macro economic environment that can simulate investment in our economy, which will generate revenue for us to fix security”.
The Minister added that the economic policy directions put in place by the Nigerian government would create job opportunities, address insecurity, control inflation and develop the economy.
”The three Budgets which Mr. President had participated in, first, the Eight Hundred and Nineteen Billion Naira which he inherited he renegotiated with National Assembly, he said I want five Hundred Billion Naira to fund intervention, that would support the vulnerable population who might be affected by the reforms measures, this about two Hundred Billion went to Agriculture, Seventy Five Billion Naira to Medium and Small Scale Enterprises sector as well as Forty Billion to the Nano Credit Sector”.
”Equally another Budget of Two Point one Seven Trillion Naira that most of it went to support National Security and infrastructure and also providing money for cash transfer and meeting commitment with the Labour Union”.
”Then the 2024 Budget which has remarkable features, one, the determination to restore despite our challenges budget discipline by lowering Fiscal Deposit, that is why the 2024 Budget targeted reduction in Deposit from Six Point One One Percent in 2023 to less than four percent in 2024 and increase in Capital Expenditure relative to Recurrent Expenditure, Thirty Nine percent Expenditure which is the highest in our history” the Minister Explained.
The World Press Conference is organised by the Ministry of information to highlight the one year activities of President Bola Tinubu’s administration.
