FG disagrees with World Bank, says economy will grow by 3.01% in 2019

- The federal government projects that the economy will rise by 2.2 per cent in 2019

- Udoma Udo made this projection in contrary to World Bank's own

- The minister of budget and national planning said this growth will lift many Nigerians out of poverty

The minister of budget and national planning, Udoma Udo, has disagreed with the World Bank’s forecast that the economy will grow by 2.2 per cent in 2019 saying it will grow by 3.01 per cent.

The Cable report that Udoma made this revelation at the Deloitte Dialogue on Nigeria’s Economic Outlook for 2019

He explained that inflation is expected to trend downwards to single digit of 9.98 percent in 2019 from 11.44 percent as at December 2018.

He noted that this will be possible “with the improved coordination of fiscal and monetary policies, exchange rate stability, improved oil export earnings and capital inflows, as well as the continuation of the current prudent management of foreign exchange reserves by the CBN.”

“Government is committed to growing the economy, and accordingly the 2019 Budget Proposal has been designed to continue to provide the stimulus and support required to spur growth in the economy.”

He said though “the current real GDP growth performance is still a little sluggish, which is expected as we are just recovering from recession, it however indicates a positive momentum, especially with regard to the growth of the non-oil sector. “

“Our aim is to take all measures necessary to ensure that we increase the growth rate whilst maintaining fiscal sustainability.”

The minister said President Muhammadu Buhari has directed the NNPC to work hard in order to achieve the 2.3mbpd budget target in oil production.

“The ERGP Oil production target for 2019 is 2.4mbpd, NNPC production submission is 2.45mbpd. We have revised the ERGP target and NNPC forecast downwards to 2.3mbpd for the 2019 Budget proposal”

“The Scheme seeks to leverage private sector capital for the development and refurbishment of road networks in industrial clusters and key economic areas in the country.

“It entitles private investors to full recovery of the cost incurred on the road project(s) in the form of a Road Infrastructure Tax Credit which can be utilized against participants’ future CIT payable to the Federal Government."

“Efforts to improve hard infrastructure will be complemented by expanding reforms in the ease of doing business. We will continue to remove obstacles, reduce costs and ensure timely delivery of services so as to improve the environment for the private sector.”

Meanwhile, Alhaji Aliyu Idris-Ibrahim, council chairman, Zaria local government of Kaduna state on Sunday, February 3, said re-electing President Muhammadu Buhari would guarantee brighter future for Nigeria.

Idris-Ibrahim made the observation during the presentation of certificates to contractors awarded infrastructure projects in Tudun Wada ward of Zaria.

NAIJ.com (naija.ng) -> Legit.ng. We have upgraded to serve you better.

Nigeria Latest News: Buhari vs Atiku - 2019 Elections | Legit TV

Source: Legit.ng

from Nigeria News today & Breaking Naija news ▷ Read on Legit.ng 24/7 http://bit.ly/2UEAvoG
via EDUPEDIA24/7

Dust haze weather to prevail on Thursday, December 27

- The Nigerian Meteorological agency (NiMet) predicts thick dust haze weather conditions over most parts of the country - NiMet predicts northern states would experience dust haze - The agency also predicts early morning mist/fog is expected over the coastal cities The Nigerian Meteorological Agency (NiMet) has predicted thick dust haze weather conditions with reduced visibility over most parts of the country on Thursday, December 27. NiMet’s Weather Outlook on Wednesday, December 26, in Abuja, revealed that the central region of the country would record dust haze condition with visibility range of two to five kilometres throughout the day. It added that day and night temperatures of 27 degrees Celsius to 34 degrees Celsius and 10 degrees Celsius to 20 degrees Celsius, respectively, would prevail over the region. READ ALSO: Police reportedly arrest Badeh’s alleged killers The agency predicted that the northern states would experience dust haze with visibility range of two to fi...

N2.5bn Fraud: You Have Case To Answer, Appeal Court Tells Suspended NBC Boss, Kawu

The Director General of the National Broadcasting Commission, NBC, Ishaq Kawu. The Court of Appeal, sitting in Abuja, has dismissed an appeal filed by the suspended Director-General of the National Broadcasting Commission, Dr Moddibbo Kawu, challenging the decision of the Federal High Court, to dismiss the no-case submission he filed at the lower court. The Independent Corrupt Practices and Other Related Offences Commission had charged Kawu, Lucky Omoluwa (late Chairman of Pinnacle Communications Ltd) and Dipo Onifade, Chief Operating Officer of the same company, before Justice Folashade Ogunbanjo-Giwa, on a 12-count charge of money laundering. Is'haq Modibbo Kaw THISDAYLIVE The suspended NBC boss and his co-accused then approached the appellate court to reverse the judgment of the Federal High Court. The appellate dismissed the no-case submission filed by Kawu and his co-accused and held that they had an explanation to give when he elected to facilitate the payment of ...

Buhari’s Legacy Of Recessions By Fredrick Nwabufo

Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian President — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari? Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no President has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the President arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet. Fredrick Nwabufo Here is a cabin...

EDUPEDIA247

Search This Blog