Recession deepens FG worries over 2017 budget — Minister

The Federal Government, on Wednesday, said it was anxious to get the 2017 budget passed in order to get the economy out of the recession before the end of the year.

The Budget and National Planning Minister Udoma Udoma , while addressing State House reporters after the Federal Executive Council meeting said: “We’re determined to get the economy out of the recession before the end of this year‎. And the 2017 budget is structured to do just that. So that is why we are anxious to get the budget passed so that we can begin the implementation and begin to take all the steps we need to get the economy out of recession.”

The minister said he briefed the council on the recently released third quarter figures by the National Bureau of Statistics as well as on the Economic Recovery and Growth Plan (ERGP).

He noted that the overall result of the third quarter was better than the projection of the International Monetary Fund.

“So, we are encouraged but we are even more energized to put in more efforts in agriculture and solid minerals to make sure that our infrastructure is revamped because that is what ‎will stimulate our economy if we continue in this way,” he stated.

Udoma emphasised that the government was determined, with the ERGP, to get the economy great again.

According to him, the government, in the next three to four years, wants to restore oil production and “harvest what we can get from that sector” as well as diversify the economy by making it competitive.” - Daily Trust.