President Mohammadu Buhari, speaking at the one day retreat on the economy, on Thursday at the State House in Abuja, with the theme “Building Inter-ministerial Synergy for Effective Planning and Budgeting in Nigeria, said the current economic recession requires out of the box solutions to steer the country on the path to recovery.
The president said also that the retreat is coming at a critical time in the nation’s economic history, when the Nigerian economy is in a recession, with significant downturn in performance in various sectors and especially as the government is in the process of developing the 2017 Budget.
President Buhari, however stated clearly that because of the need to focus on key priorities, some Ministries may get significantly less capital allocation than they received in 2016, while others may get significantly more.
He said over the years, there has been a mismatch between planned targets and budgetary outcomes at the National and sectorial levels.
Buhari cited that the Federal MDAs have not also benefited significantly from working together and building consensus around common national objectives and this has impeded growth and development of the country.
Buhari affirmed that this is in line with the administration’s determination to lay a solid foundation for growth and development as outlined in the Strategic Implementation Plan (SIP) of the Change Agenda.
“This is why we have embarked on measures and actions that will open up the opportunities we have seen in the Power, Housing, Agriculture, Mining, Trade and Investment, Information Communication Technology (ICT) Sectors, Tourism, Transport and other sectors.
Speaking to State House Correspondents at the event, Minister of Budget and National Planning, Udoma Udo Udoma said that the federal government want to make sure that as a cabinet,they have the synergy and look at the priorities for the government for the 2017 budget and make sure that in the light of the current economic situation, the budget is well structured to take the country back on the path of growth.
Minister of Finance, Kemi Adeosun, with focus on the economic recession impacting on the citizens said “what is more serious is our intentions,our resolve and plans to turn it around,we have said it before that we knew we were going to go into a very difficult period”.
“We have not anticipated the impact of the much awaited crisis which of course is built on our revenue which is down significantly, we have a credible plan and that plan is based on the need to invest in our infrastructure and each of the experts spoke on that,that it was the only solution for Nigeria to take us out of this situation and we are working on that” she added.
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