News Feb 28, 2011
The Minister of Finance, Dr. Olusegun Aganga has said that global economic recovery has impacted positively on Nigerian economy.
He stressed that the momentum of recovery sustained in 2010, although has been uneven and unbalanced but the prospects recorded was better for emerging economies like Nigeria.
Dr. Olusegun Aganga made the disclosure during the 2011 budget review session organised by the Institute of Directors Nigeria (IoD) at the Weekend, said “ the Nigerian economic growth strategy focuses on enhancing growth, sustaining macroeconmic stability and diversifying the economic base.
Nigeria has the lowest depth ratio among its peers which is a step in the right direction, if the country’s economy is compared to its peers, it still has a big fiscal strength, and the country’s GDP stood at 16.80% which shows that it is low compared to its peers”.
He advanced that plans are going on to stimulate the real sector of the economy and infrastructure with access to cheap and long term capital.
“Global economic recovery is strengthening but there are downside risks mostly from global imbalances.
“Nigeria is a big country with all the resources it needs, the idea of one or two project every year is not ideal, we hope that in the next four years there will be transformation because the President is campaigning for transformation”
Continuing further, President of the Institute, Mr. Chike Nwanze commended the general theme behind the budget- a new focus on employment generation and creation of a national job creation scheme.
“We are aware and commend the Minster, for setting up an expert committee to review the pattern of spending and recommend ways of addressing the continuing concern about the quantum of recurrent expenditure visa-vis capital spending in Nigeria”
However, Nwanze urged the Minister to speed up the work of the committee and the implementation of its recommendations.
According to him, dealing with the recurrent expenditure in Nigeria entails not just a radical public sector reform and rationalisation of ministries, departments and agencies of the federal and state government, but a fundamental re-orientation of the purpose, structure and processes of governance in Nigeria.
Stressing further, he condemn the system that creates a new agency for every problem; that allocates resources of government, including people and financial resources in a clearly inefficient manner and that throws money around in a way that would be inconceivable in efficient private sector organisation.
He said “In this regard, we commend the increased allocations to education 8.08 per cent, and health 5.58 per cent in the 2011 budget. It is also commendable that relatively high budgetary allocations were also devoted to power, works and transportation”.
He stressed that the momentum of recovery sustained in 2010, although has been uneven and unbalanced but the prospects recorded was better for emerging economies like Nigeria.
Dr. Olusegun Aganga made the disclosure during the 2011 budget review session organised by the Institute of Directors Nigeria (IoD) at the Weekend, said “ the Nigerian economic growth strategy focuses on enhancing growth, sustaining macroeconmic stability and diversifying the economic base.
Nigeria has the lowest depth ratio among its peers which is a step in the right direction, if the country’s economy is compared to its peers, it still has a big fiscal strength, and the country’s GDP stood at 16.80% which shows that it is low compared to its peers”.
He advanced that plans are going on to stimulate the real sector of the economy and infrastructure with access to cheap and long term capital.
“Global economic recovery is strengthening but there are downside risks mostly from global imbalances.
“Nigeria is a big country with all the resources it needs, the idea of one or two project every year is not ideal, we hope that in the next four years there will be transformation because the President is campaigning for transformation”
Continuing further, President of the Institute, Mr. Chike Nwanze commended the general theme behind the budget- a new focus on employment generation and creation of a national job creation scheme.
“We are aware and commend the Minster, for setting up an expert committee to review the pattern of spending and recommend ways of addressing the continuing concern about the quantum of recurrent expenditure visa-vis capital spending in Nigeria”
However, Nwanze urged the Minister to speed up the work of the committee and the implementation of its recommendations.
According to him, dealing with the recurrent expenditure in Nigeria entails not just a radical public sector reform and rationalisation of ministries, departments and agencies of the federal and state government, but a fundamental re-orientation of the purpose, structure and processes of governance in Nigeria.
Stressing further, he condemn the system that creates a new agency for every problem; that allocates resources of government, including people and financial resources in a clearly inefficient manner and that throws money around in a way that would be inconceivable in efficient private sector organisation.
He said “In this regard, we commend the increased allocations to education 8.08 per cent, and health 5.58 per cent in the 2011 budget. It is also commendable that relatively high budgetary allocations were also devoted to power, works and transportation”.
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