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.

Na\'Allah     Olokoba     Kehinde Baale     Mohammed Ibrahim     Offa Metropolitan Club     Kannike     Ibrahim Abdulkadir Abikan     Adam Abdullahi Al-Ilory     Valsolar Consortium     Onilorin Of Ilorin     Maigidasanma     Awoye     Amina Susa\'a De Ahmed     Hamza Usman     Radio Kwara     Balogin Alanamu     Muhammadu Gobir     Kola Olota     Lafia Aliyu Korasabi     Saidu Isa     Musibau Akanji     Ayodele Kuburat Olaosebikan     Mufutau Gbadamosi Esuwoye     Toyin Falola     Monthly Sanitation     Timothy Olatunde Fadipe     Simeon Sule Ajibola     Aremu Odolaye     Kpotum Mohammed Baba     Prince Sunday Fagbemi     C2c@kwarastate.gov.ng     Isiaka Danmeromu     Dauda Adeniran Adeshola     Lawal Olohungbebe     Ibraheem Abdullateef     Adekunle David Dunmade     Idowu Laro     Bayer AG     Rotimi Oyedepo     Amada Jidda     Kolawole Akande     Akom Construction And Engineering Synergy Ltd     Sunday Otokiti     Okedare     Ahmad Fatima Bisola     TESCOM     Tafida     Abdulkarim Adisa     Ilorin West/Asa Federal Constituency     John Olajide Adedipe     Moses Rahman Popoola     Mashood Dauda     Tunji Ajanaku     Maja     Omotosho     Egbewole     Hussein Olokooba     TETFUND     Adijat Adebiyi     Mogaji Aare     Peter Amogbonjaye     Aro Yahaya     Agboola Abdulraheem     Kwara State Governor     Chief Imam Of Offa     Abiodun Jacob Ajiboye     Ridhwanullah Al-Ilory     Alloy Chukwuemeka     Kayode Oyin Zubair     Chikanda     Tafida Of Ilorin     Ibrahim Bio     Segun Abifarin     Durosinlohun Atiku     Temi Kolawole     Toyin Sanusi     David Oyerinola Adedunmoye    

Cloud Tag: What's trending

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

Asiwaju Bola Tinubu     Toyin Sanusi     Abubakar Baba Sulaiman     Senior Special Assistant On Student Affairs     Oyin-Zubair     Yekini Adio     Mufutau Olatinwo     Surajudeen Akanbi     Ekiti     Oke-Ero     Idowu Aremu     Eruku     Third Estate     Dunmade     AbdulRasaq Abdulmajeed Alaro     Offa Descendants Union     Abraham Ojo     Hussein Oloyede     Moronfoye     Computer Based Test     CCT     Abegunde Goke     Yakub Lai Gobir     Chikanda     Marafan Shonga     Federal Allocation     Rasaq Jimoh     Asa     AbdulRaheem Ahmad Shayi     Special Agro-Industrial Hub     Mary Arinde     Oba David Oyerinola Adedunmoye     Suleiman Abubakar     Baakini     Abdulrahman Onikijipa     Hausa     Kayode Ibrahim     Savannah Centre For Diplomacy, Democracy And Development     Ogidi-Oloje     Yahaya Abdulkareem     Senior Staff Union Of Colleges Of Education     Oro Grammar School Old Students Association     Photo News     Arik     Jebba     Alaiye     Village Alive Development Association     Bayer Nigeria Limited     Abubakar Usman Jos     Millennium Development Goals     Durbar Festival     Yahaya Muhammad     Gbenga Adebayo     Nigeria Association Of Women Journalists     Shero     Tsaragi/Share     Alloy Chukwuemeka     Iyabo Adewuyi     Kwara Polytechnic     Chief Imam Of Ilorin     Share-Tsaragi     Gbemisola Saraki     Bashir Badawi     Okiki     Ajayi Okasanmi     Nigerian Army     Yunus Lawal     Amoyo     Baruba     Ghali Alaaya     Oja-Oba     Owo Isowo     Mohammed Haruna     Teachers Specific Allowance     Tunji Ajanaku     Mohammed Jimoh Faworaja     Tsaragi-Share