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

 

Cloud Tag: What's trending

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

Logun     Owo Isowo     Maigida Soludero Transit     Kwara Basketball Association     Computer Based Test     Col. Taiwo     TIIDELab     Osi     Funmilayo Zubair     Ebola     Maigidasanma     Segun Ogunsola     Abdulrazaq Adebayo     Ajeigbe     Iyeru Grammar School     Bello Oyebanji     Waheed Ibrahim     BECE     Makama Of Ilorin     Binta Sulyman     Pategi     Hassan Saliu     A.E. Afolabi     Idris Amosa Oladipo Saidu     Aisha Buhari     Olatunde Michaels     Aliyu Olatunji Ajanaku     Summit University     Osinbajo     Abubakar Ndakene     Mogaji Aare     Ahmed     Ahmad Ali     Danladi     Idofin     Twitter     Ekiti     Baba Adini Of Kwara State     Vasolar-Kwara Company Ltd     Saeedat Aliyu     Amusa Bello     Tsado Manman     Abdulazeez Arowona     Olaosebikan     Ghali Alaaya     Kumbi Titilope     Ubandoma Of Ilorin     Alfa Modibo Belgore     Dapo Teni Nig Enterprise     Bashirat Bola Bello     Ojuekun Sarumi     Abdulganiyu AbdulAzeez     Oluranti Idowu     Ilesha-Baruba-Gwanara     Age AbdulKareem     Adeleke Ogungbe     Salman Suleiman     Kwabes     Salake     Maryam Nurudeen     Bayo Mohammed Onimode     Kwara State Television     Ejidongari     Wahab Issa     Kola Shittu     John Obuh     Lai Gobir     Atiku Abubakar     Sam Okaula     Issa Oloruntogun     Haashim Initiative For Community Advancement     Al-Hikmah University     Pacify Labs     C2c@kwarastate.gov.ng     Okoolowo     IHS Towers     Memunat Monsuma    

Cloud Tag: What's trending

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

Kehinde Boyede     Omoniyi     Kwara University Of Education     Kwara Muslim Pilgrims Welfare Board     Idowu Laro     Raliat Elelu-Habeeb     Owu Fall     Funmilayo Braithwaite     Kayode Oyin Zubair     Tunde Kazeem     Busari Alabi Alausa     Raji Ayodele Kamaldeen     Amasa     CCT     Orire     Saliu Alamoyo     Bankole Omisore     Femi Oladiji     Oko-Erin     Samuel Adedoyin     Odo-Owa     Sango-UITH Road     Gamji Members Association     Shettima Of Ilorin     Bola Magaji     Ogidi-Oloje     Nigerian Correctional Service     Kpotum Mohammed Baba     Akande Idowu Ayoola Muhammed     ANCOPPS     Ilorin Curfew     Kwara State Printing And Publishing Corporation     Kwara State Geographic Information Service     Femi Ogunsola     Apata Ajele Secondary School     KWTV     Hassanat Bello     Offa Descendants Union     Ibrahim Gambari     Kumbi Titilope     Senior Staff Union Of Colleges Of Education     Musa Alhassan Buge     Sidikat Akaje     Mohammed Lawal     Rafiu Ajakaye     Offorjama     Aminat Omodara     Valsolar-Kwara Company Limited     Mufutau Olatinwo     Jimoh Bashir     Sa\'adu Gambari     Sulyman Tejidini     Oke-Oyi     Kawu     Simon Sayomi     Balogun Gambari     Ilorin South     Danladi     Oyun     Ayobami Akanbi     Abdulraheem Yusuf     Abubakar Bature Sulu-Gambari     Baba Issa Awoye     Igbomina     Elerinjare     Monsurat Omotosho     Aliyu Muhammad Saifudeen     Okeose Christian Cementary     MMWG     Oba Sulaiman Asude     IQRA College     Gobir     Saka Saadu     Oluwarotimi Boluwatife Adenike     Matthew Okedare     Taofeeq Olateju     Laboratory-to-Product