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.

Ndakene     Chemiroy Nigeria Limited     Segun Ogunsola     AGF Abdulrazaq     Timothy Akangbe     KWATMA     Haleeman Salman     Babs Iwarere     Bola Magaji     Rafiu Ajakaye     Quareeb Islamic Association     GANZY     Is\'haq Modibbo Kawu     Dauda Adeniran Adeshola     Towoju     Hassan Taiye Salam     Gwanara     KWSIEC     Omotosho     Adijat Adebiyi     Elewu     Adedeji Onimago     Sebastine Obasi     Federal College Of Education (Special), Afon     Kwara NIPR     Age AbdulKareem     Abdulrazaq Solihudeen     Ilesha Gwanara Road     Aliyu Kora-Sabi     Bolaji Abdullahi     Ajuloopin     Ishaq Abdulkarim     Dorcas Afeniforo     Afusat Nike Ibrahim     Emir Of Ilorin     Abdulrauf Yusuf     Toyin Sanusi     Emmanuel Olatunji Adesoye     John Obuh     TIIDELab     AIT Ilorin     Victor Gbenga Yusuf     Mufutau Gbadamosi Esuwoye     Centre For Community Empowerment And Poverty Eradication     Doyin Group     Savannah Centre For Diplomacy, Democracy And Development     Sa\'adatu Modibbo-Kawu     Gafaru Olayiwola Olorisade     Ilorin Talaka Parapo     ANCOPPS     Babata     Okin Biscuit     Offa     Makama Of Ilorin     Kola Bukoye     Eleja     Roseline Oni Aremu     Isiaka Yusuf     Ahman Patigi     LABTOP     Saka Asiat Ayinke     Guber Aspirant     Opobiyi     Sanusi Abubakar     International Aviation College     Transition Implementation Committee     Ahmad Belgore     Olukotun Of Ikotun     Neo Mundo Ltd     Aminat Omodara     Tsado Manman     Kwarareports.com     Oasis Muslim Care Foundation     SSA Youth     Ridhwanullah Al-Ilory     Al-Hikmah Radio     Alfa Yahaya Road    

Cloud Tag: What's trending

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

Umar Saro     Plat Technologies Limited     Abubakar Ndakene     College Of Education     Farouk Salim     Oyedepo     Bola Magaji     Aisha Gobir     Ebun-Olu Adegboruwa     Garment Factory     Al-Adaby     Ishak Mohammed Sabi     Nagode     Oba Mogaji Abdulkadir     Chikanda     Abubakar Abdullahi Bata     Popo-Igbonna     Yusuf Amuda Abubakar     Olukotun Of Ikotun     Boko Haram     Post Utme     Alumni Association Of The Federal Polytechnic Offa     CELF     Sambo Murtala     Saheed Akinwumi     Balogun-Ojomu     Abdullahi Saadudeen Alikinla     Olupako     AbdulQowiy Olododo     Abdulrosheed Okiki     Ijagbo Health Centre     Yashikira     TETFUND     Kamaldeen Gambari     Ilesha Gwanara Road     Olatunji Bamgbola     Emmanuel Bello     Olajumoke Monsura Gafar     Arik     AbdulHakeem Ajibola Akanbi     Mohammed Lawal     Asiwaju Bola Tinubu     Busari Alabi Alausa     Eghe Igbinehi     Ilorin.Info     Tope Daramola     Dankaka     Olaitan Adefila     Ola Falade     Moses Rahman Popoola     Mohammed Yisa     All Peoples Party     Sam Okaula     Amina El-Imam     Oluwole Dupe     Bello Oyebanji     Offa Descendants Union     AbdulRazaq Jiddah     Ajasse-Ipo     Kwara Volleyball Association     Aliyu Kora-Sabi     Abdulrazaq Solihudeen     Sheikh Ridhwanullah     Radio Kwara     Rafiu Olasile     James Kolo     Muritala Olarewaju     Musa Abdullahi     Kamoru Kadiri     Shagari     Muslimah Entrepreneurship Forum     Taiwo Joseph     Abiodun Oyedepo     Kwara Basketball Association     Ilorin Likeminds Foundation     Kwha.gov.ng     Mohammed Halidu