Recession exit: FRC urges FG to focus on economic growth

Date: 2017-09-07

Mr Victor Muruako, Acting Chairman, Fiscal Responsibility Commission (FRC) has advised the Federal Government to capitalise on the nation;s exit from recession to implement the recovery plan.

Muruako said the Federal Government should focus on the implementation of the Economic Recovery and Growth Plan (ERGP) as the country exited recession. The ERGP, which was launched in April by President Muhammadu Buhari, seeks to restore the nation's economic status following the high rate of inflation and recession. He made the call on Wednesday in Abuja as the Nigerian Bureau of Statistics (NBS) announced that the country was out of recession.

He commended the president and the economic team for coming up with plans and policies geared toward setting the economy on the path of recovery. Muruako said that the target should go beyond getting the nation out of recession but maintaining a healthy economy.

"It is a good thing we are out of recession and we are very happy that the conscious efforts of the president and the economic team were able to bring us out of it. “We thank God the economic team was able to come out with a plan which eventually brought us out of it.

"It was one of those strategies meant not just to come out of recession but also to ensure the growth of the economy because the real challenge is not coming out of recession but growing the economy. "We must commend the government when they get it right and this is a good development that calls for cheers and celebration,"he said.

Dr Remi Medupin of the Department of Economics, Al-Hikman University, Ilorin, also said that exiting recession was a very good development as it signaled a growth in the economy. He said that the output in agricultural produce in recent times had increased, which had helped boost the Gross Domestic Product (GDP) figures.

"There has been a lot of increase in output in the agricultural sector which has had an impact on the GDP and I know this because I interact with a lot of farmers. "There is also confidence in the economy because of the anti-corruption fight of the government."

He, however, said that the exit from recession should be evident in the living condition of the people. The Nigerian economy, the biggest in Africa slipped into recession in 2016, but the NBS on Tuesday reported that it had exited recession. The data released by NBS showed that the country's GDP grew by 0.55 per cent (year-on-year) in real terms in the second quarter of 2017.

It added that the recovery was driven principally by the performance of four main sectors of oil, agriculture, manufacturing and trade. The bureau stated that the figure indicated the economy was out of recession after five consecutive quarters of contraction since first quarter of 2016. NAN

Click to add/read Comments



Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ishaq Oloyede     Hassan A. Saliu     George Funsho Adebayo     Kaiama     Bilikis Oladimeji     Abubakar Baba Sulaiman     Tunde Saad     Omotosho     Temitope Ogunbanke     Belgore     Ilorin Water Reticulation     Ola Falade     Muhammed Abdullahi     Micheal Imoudu     Idiagbon     Ajeigbe     Oke-Ogun     Sunday Fagbemi     BIR     Patience Jonathan     Moronfoye     Niguel Gallando Marcias     NULGE     Ali Ahmad     KFA     Maryam A. Garuba     Simeon Sule Ajibola     Kale Ayo     Isiaka Yusuf     Oba Abu     Sa'adu Gambari     Yunus Oniboki     Maigida Soludero Transit     Jaiz Bank     Basit Olatunji     Ilorin East/South Federal Constituency     Kunle Suleiman     Ladi Hassan     Bature Bello     Ayedun     Umar Ahmed Gunu     Ayo Salami     Mohammed Danjuma     A.G.F Abdulrasaq     Diagnostic Centre     Adebayo Salami     Adijat Adebiyi     Split Diamond Interchange     Dauda Adeniran Adeshola     Gbenga Awoyale     Oniwasi Agbaye     Gobirawa     Adam Abdullahi Al-Ilory     Bankole Omishore     Sola Saraki University     Mufutau Gbadamosi Esuwoye     Wale Oladepo     Gobir     Ilorin South     Ayinke Saka     Abdulrazaq Adebayo     John Obuh     Abdulfatai Salman Baakini     Yakubu Dogara     Lai Mohammed     Amuda Musbau     NSCIA     Amusa Bello     Lola Ashiru     Fatai Olodo     Isaac Gbenle     Muftau Akanbi Oke     Otunba Taiwo Joseph     GANZY     Ohoro Of Shao     Christopher Odetunde     Henry Makinwa