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10 Ways FG Intend To Rebuild The Economy – Osinbajo

Vice President Yemi Osinbajo participated in the Presidential dialogue session organized by the Lagos Chamber of Commerce. The VP discussed a lot of things about the economy such as Foreign Direct Investment, Inflation, Depreciation of the Naira and more. Below are the highlights of the discussion.

Prof Osinabojo said GDP declined from 6.3% in 2014 to 2.15% in 2015 and -0.36% in Q1 2016 and that there has been a decline in earnings from oil in the past eight months due to vandalization of pipelines and export assets in the Niger Delta.

He noted that Power output fell from 5kMW in February to about 2.5k recently on account of over 60% loss in gas production due to pipeline vandalization. According to him, in order to tackle these problems, the following steps have been taken;

1. Priority attention was given to assist the States and Local Govts pay the salaries of workers, which were several months in arrears.

2. We have had three such interventions including the latest loan of N90bn as part of a fiscal responsibility plan for States.

3. These interventions have helped to boost household spending which were key steps to prevent the economy from falling into deep recession.

4. We have pledged to keep capital spending in the budget at a minimum of 30%.

5. Accordingly, we have already made capital releases of N332billion, with another N100 billion set to be released in the next few days.

6. Other policy instruments used in this regard include the TSA, which has brought transparency into inflows & outflows of government monies.

7. A great effort has been made to improve non-oil revenues.

8. This includes bringing an additional 700k companies into the tax net as compared to the targeted 500k set at the beginning of the year.

9. FIRS has achieved 73.17% of its target for the first half of the year.

10.The present administration is a strong believer in public-private dialogue.

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