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.

Veterinary Teaching Hospital     Amosa     Mohammed Saidu     Sulyman Age AbdulKareem     Chartered Institute Of Personnel Management Of Nigeria     Voices Of Tomorrow     Saheed Akinwumi     Ibraheem Adeola Katibi     Olaitan Buraimoh     Muyiwa Oladipo Kanu     Ndakene     Sheikh Hamzat Yusuf Ariyibi     Babajide Ajayi     Habeeb Saidu     Innocent Okoye     A.O. Belgore     Hamidu Olowo     Segun Abifarin     Oladipo Akanmu Tolani     Senate President     Aliyu Salihu     Amasa     Femi Gbajabiamila     Kwarareports     Wahab Kunle Shittu     Abubakar Kawu Baraje     Hamidat Sulyman-Yusuf     Oke-Ode     Busari Alabi Alausa     Stephen Fasakin     Elese Of Igbaja     Khairat Gwadabe     Tricycle Owners Association Of Nigeria     Okin Biscuits     Fatimat Saliu     Ilorin General Hospital     College Of Arabic And Islamic Legal Studies     Ambassador Kayode Laro     Shehu Jimoh     Muslimah Entrepreneurship Forum     Bello Oyebanji     Akanji     Esuwoye     Bashiru Makama     Toyosi Thomas     SDP     Shuaib Abdulkadir     Umaru Saro     Yahaya Seriki     AbdulGaniyu Kareem     Kudirat Arinola Lawal     Aremu Odolaye     Niyi Osundare     Ifelodun     LAK Jimoh     Onilu     Deji Ajani     Kulende     Amos Sayo     Olatunji Bamgbola     Special Agro-Industrial Hub     Sola Saraki Educational Foundation     Tunji Arosanyin     Rebecca Olanrewaju     Razaq Atunwa     Saudat Abdulbaqi     Prince Bola Ajibola     Ojuekun     Saka Abimbola Isau     Dogara     Kumbi Titilope     Sheikh Ridhwanullah El-ilory     Ejidongari     Gbenga Adebayo     General Tunde Idiagbon International Airport Ilorin     AbdulRauf Keji     Fatai Olodo    

Cloud Tag: What's trending

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

Isiaka AbdulRazaq     Wahab Agbaje     Muhammed Taofeeq Abdulrazaq     Gbenga Awoyale     Obasanjo     Balogin Alanamu     07039448763     Segun Olawoyin     Saadu Alanamu     Kishira     IHS Towers     Sobi     Kwara State Television     Bayo Mohammed Onimode     Hassan A. Saliu     Moses Salami     Towoju     Jimoh Saadudeen Muhammed     Sunset Workers     Onilorin Of Ilorin     John Dara     Joana Nnazua Kolo     Saka Adeyemo     Raji Ayodele Kamaldeen     Kwara Polytechnic     Mashood Abdulrafiu Agboola     Sobi Specialist Hospital     Hauwa Nuru     John Olobayo     Okin Biscuits     SAPZ Project     TETFUND     KW-GIS     Valsolar Consultoria     NURTW     TESCOM     Mumini Ishola Hanafi     Lawan     Amule Elementary School     Egbewole     Abdulrazaq Adebayo     Tunde Idiagbon Road     Olusin Of Ijara Isin     Sarah Alade     Nigerian Army     Tunji Ajanaku     S.O. Opowoye     Gbemisola Oguntimehin     Dagbalodo     Mohammed Lawal Bagega     Kwara State Coalition Of Business And Professional Associations     Babatunde Ajeigbe     Olupako     Minimum Wage     Salaudeen Oyewale     Aliyu Alhassan     Chikanda     Jelili Yusuf     Coronavirus     Saidu Isa     Bola Olukoju     The Herald     Niyi Ogundiran     CELF     Ilorin Water Reticulation     Fatai Adeniyi Garba     Jaiz Bank     Kwara Hotel     Gambari     Amuda Musbau     Turaki Of Ilorin     Moronfoye     Transition Implementation Committee     Odo-Owa     Suleiman Ajadi     Eruku     Mustapha Olanipekun