RECESSION: GOVERNMENT FORECASTS RECOVERY BEFORE END OF 2017

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[Abuja]–The Federal Government, through the Minister of Budget and National Planning, Udoma Udo Udoma, has forecasted that the country will soon recover from the economic recession it has found itself in the last two quarters before the end of the year.

The Minister made this known on Wednesday, while speaking with newsmen, after the weekly Federal Executive Council meeting.

Udoma said he informed the FEC of the recently released country’s economic performance report by the National Bureau of Statistics, projecting that the country will get out of the economy recession before the end of 2017.

“We are not yet out of the woods but our plan is to get out of recession by the end of this year”, he said.

Udoma said he also briefed the FEC on the release of the Economic Recovery and Growth Plan, adding that the result of the NBS report is better than what many people, including the International Monetary Fund, projected.

The minister added that quick passage of the 2017 budget will fast track economic recovery.

He said government is funding agriculture, solid minerals and infrastructure development to return growth, invest in the people and build competitiveness of the economy.

“We are determined by the end of the (economic) plan to move from the negative growth that we experienced in 2016 to a growth rate of seven per cent by 2020”, the minister added.

THE PAGE had reported on March 7, 2017 that the Federal Government has published the much anticipated Economic Recovery and Growth Plan (ERGP) for the year 2017 to 2020 and has targeted to create about four million jobs this year alone.




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