Garba Shehu, a spokesperson to Nigeria’s President Muhammdu Buhari, has outlined critical action that the president had been put in place to salvage the country from economic decline prior to the National Bureau Statistics confirmation that Nigeria was officially in a recession.
As reported by Vanguard, the Federal Government and its agencies, as a direct response to the economic chaos, have been focusing on several sectors which include agricultural, solid mineral, taxation, infrastructure, industrialization, plugging leakages, anti-corruption, reducing the cost of living and a host of others.
The federal government said it had working structure in place on all governmental levels to ensure that current improvements at6 reviving the economy would result in a consistent growth that would not be dependent on global oil prices.
Mr. Shehu said in a statement that rejecting insinuations that the government lacked a clear response to the fiscal crunch, that the key areas in which the country had comparative advantage were being encouraged to grow.
The statement analyzed current economic crises, dismissing notions that the Buhari-led administration had caused or accentuate the crisis, adding that the previous administration had, by borrowing heavily to run the country, delayed the eminent current downturn.
The statement further said that the President was only being honest in the context of the true state of the nation’s economy.
Mallam Shehu further urged Nigerians to forget the past misgovernance and forge ahead as this was important for the revival of the economy, adding the mistakes made by past government must be noted, corrected and avoided.
The special adviser also said that stolen money, if not recovered, might he hinder the government’s attempt at resuscitating the economy.
He further urged Nigerians to be faithful and true as the current situations demands patriotism and sacrifice to ensure the nation’s returns to stable growth.
‘’ See what the current administration is doing to sanitize the huge salary bill by eliminating payroll fraud. So far, the federal payroll has been rid of about 40,000 ghost workers. More than eight billion Naira stolen monthly has been saved. ‘’We are also saving on wasteful expenses like First Class travels and use of private jets for official trips. The federal government is not limiting the reforms to the center but forcing state governments to reform their spending and build savings or investments.
‘’Government is also increasing spending on capital projects especially on infrastructure needed to make Nigerian businesses competitive and create jobs. The administration is at the same time blocking leakages that allowed government revenues to be siphoned into private hands.
‘’Currently, there is a focus on key sectors apart from oil that can create jobs and or generate revenue such as agriculture, solid minerals and manufacturing. If these things had been done when the oil price was as high as $140 per barrel, Nigeria would not be in the current predicament. We would not be suffering now if we had cash reserves, regular supply of power, a good rail system, good roads and good housing.
‘’ From its records so far, this administration is trying to reset the Nigerian economy and ensure that it attains its potential. We are doing this at a time when the global economy is in crisis due to the oil price collapse. Even rich nations like Saudi Arabia are experiencing problems The government is people-focused and wants the economy to grow in a way that will create a more stable future which is not dictated by world oil prices. No more boom and bust.
‘’Nigeria wants to take responsibility for its own destiny. Therefore, our policies will ensure that Nigeria returns to growth in a sustainable manner. No more dependence on oil. Every part of Nigeria has a role to play in contributing to our growth. We will create an environment where people can thrive and where businesses can grow.”