The Minister of Budget National Planning, Udoma Udoma, has released a statement on how the All Progressives Congress, APC, intends to bring the promised Change to Nigerians, before the 2019 election year.
Recall, that President Muhammadu Buhari, during the 2015 elections, cited high insecurity, massive corruption, unemployment and poor infrastructure, as the nation’s nagging problems.
The Minister, said the Buhari administration had inherited an economy that was in a very bad shape.
“APC promised to bring Change to Nigerians. During the campaign, President Muhammadu Buhari promised to tackle the security challenges, fight corruption, and fix the broken economy. Mr. President has remained irrevocably committed to delivering on these three promises”, Udoma said
He added: “The ERGP contains bold actions required to tackle the current challenges, and build a more resident economy. It is designed to get the economy out of recession, unto a path of diversified, sustainable, and inclusive growth.
The Minister, outlined the ERGP’s outlook and deliverables, including a 4.6 percent average real Gross Domestic Product, GDP, growth rate, over the plan period reaching 7 percent by 2020; raising crude oil output from 2.2 million barrels per day by 2017, to 2.5mbpd by 2020.
Besides, the plan also outlined the strategy to achieve single digit inflation rate by 2020, from 18.6 percent in December 2016; about 10GW of electricity capacity by 2020; self-sufficiency in rice and wheat in 2018 and 2020, respectively.
The Minister, said the ERGP would ensure the manufacturing sector growth averaged 8.5 percent per annum, peaking at 10.6 percent by 2020, and 60 percent reduction in imports of refined petroleum products by 2018, and net exporter of refined crude by 2020.
To realise the objectives of the ERGP, the Minister said much of the capital provision in the 2017 Budget, was to execute projects that aligned with the core priorities of the ERGP.
“Implementation of the 2017 Budget will be targeted at achieving the objectives of the ERGP, and delivering on the promises of the APC and of Mr. President.
“The ERGP, is a plan for all Nigerians and we need the cooperation of all for its success”, the Minister said.
The APC National Chairman, John Odigie-Oyegun, said the ERGP was fundamental in rebuilding and strengthening of the foundation of the country, particularly the economy.
“The plan is the basis for rebuilding and strengthening the nation. As a party, when we speak on the state of the economy, it must be based on knowledge.”
