VP Yemi Osinbajo Lists Plans To Revive Nigeria’s Economy

Vice President of Nigeria, Professor Yemi Osinbajo, on
Thursday reeled out tasks set by the present administration
to achieve its economic objectives.
Professor Osinbajo told reporters in Lagos on Thursday that
the government strongly believed in public-private dialogue
that would enhance the nation’s dwindling economy.
“Our immediate tasks to achieve our economic objectives
are: Reduce fiscal and forex imbalances, boost dollar
liquidity, curb inflation, lower interest rate and ensure
lending to the real sector (as well as) increase FDIs and FPI
by sustaining enabling policies,” he said.
The Vice President also expressed sadness at the present
economic challenges which had resulted to inflation and the
depreciation of the Nigerian Naira among others.
He also lamented the drop in power output which he said
was the outcome of the attacks on gas pipelines in
Nigeria’s Niger Delta region mostly carried out by a militant
group that calls itself the Niger Delta Avengers.
“Earnings from oil declined in the past eight months due to
pipeline vandalism and export assets in the Niger Delta.
“Power output fell from 5,000MW in February to about
2,500MW recently on account of over 60% loss in gas
production due to pipeline vandalism,” he said.
After stating the problems facing Nigeria’s economy,
Osinbajo highlighted steps the government was taking to
revive it.
“In order to tackle these problems, permit me to elaborate
on some of the steps taken in this regard.
“Priority attention was given to assist the states and local
governments pay the salaries of workers, which were
several months in arrears.
“We have had three such interventions, including the latest
loan of 90 billion Naira, as part of a fiscal responsibility plan
for states,” he explained while addressing the Lagos
Chamber of Commerce and Industry.
He said that these interventions had helped to boost
household spending, which were key steps to prevent the
economy from falling into deep recession.
“We have pledged to keep capital spending in the budget at
a minimum of 30%.
“Accordingly, we have already made capital releases of 332
billion Naira, with another 100 billion Naira set to be
released in the next few days.
“Other policy instruments used in this regard include the
TSA [Treasury Single Account], which has brought
transparency into inflows & outflows of government
“A great effort has been made to improve non-oil revenues.
This includes bringing an additional 700,000 companies into
the tax net as compared to the targeted 500,000 set at the
beginning of the year.
“FIRS has achieved 73.17% of its target for the first half of
the year. Similarly, milled rice capacity is being increased
from three million tons annually to 10 million tons of paddy
annually,” Osinbajo added.

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