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Governors pass vote of confidence on Finance, Budget ministers

By News Express on 22/09/2016

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The 36 state governors in Nigeria have thrown their weight behind the country’s Finance Minister Kemi Adeosun and Budget and National Planning Minister Udoma Udo Udoma despite the country’s economy sliding into a recession.

The governors made their stance known during a meeting with the Vice President Yemi Osinbajo in Abuja on Thursday.
Nigeria was Africa’s largest economy and its top oil producer, but its public finances have suffered as the price of crude oil dropped around the world.
Official Data from the country’s bureau of statistic showed that its gross domestic product (GDP) contracted by 2.06 percent in the second quarter, sending Africa’s biggest economy into a recession after a decline in the first quarter.
The economic crisis has also worsened due to attacks on the country’s pipelines by a militant group known as the Niger Delta Avengers.
Due to the recession, several members of the Nigerian Senate including its leaders Bukola Saraki and Ike Ekweremadu called for the resignation of both ministers.
However, the governors have taken a different stance from the senators.
They reasoned that rather than blaming the two ministers for the declining economy, they should be commended for their efforts in reviving the economy.
Nigeria was last in a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and last until 1984.
The government has so far disbursed more than 700 billion naira in capital expenditure this year, part of a record 6.06 trillion naira ($30 billion) budget for 2016,
Last week, Adeosun revealed the government planned to inject the sum of N350bn into the country’s economy.
The government has also approved a three-year plan to borrow from abroad
Adeosun noted that it would borrow a total of 1.8 trillion naira at home and abroad.
The money will be used to fund an expected budget deficit of 2.2 trillion naira.
The foreign loans would come from agencies such as the World Bank, African Development Bank, China Exim Bank, and other development agencies like the Japanese International Cooperation Agency (JICA).
It is expected that the loans will come with rates of 1.25 percent and a 20-year maturity.
Meanwhile, Udoma earlier this week revealed that the country plans to immediately “inject a large amount of fund” into the economy though asset sales, advance payments for license renewals and infrastructure concessions.
He noted that the government had almost finalised a bill-asking parliament for emergency legislation powers to improve the business climate. (TV360 Nigeria)
Photo shows Nigeria Governors Forum Chairman Abdulaziz Yari.

Source News Express

Posted 22/09/2016 9:41:40 PM

 

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