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Ministry seeks NASS support to get economy out of recession

Recession

The Ministry of Budget and National Planning (MBNP) has solicited the support of the National Assembly on the implementation of the Economic Recovery and Growth Plan (ERGP).

The Minister, MBNP, Sen. Udoma Udo Udoma, made the call in a statement issued by his Media Adviser, James Akpandem on Tuesday in Abuja. Udoma was quoted to have made the call when the House of Representatives Tactical Committee on Recession visited the ministry.

The minister said that the plan released last week by the Federal Government had a purpose of getting the economy out of recession. He said the plan would take the country to the path of sustainable and inclusive growth.

Udoma said the National Assembly has a role to play in the implementation of the plan as achievement of its objectives would depend on execution of projects which are contained in budget.

He said that some aspects of the plan are already reflected in the 2017 budget and that the plan was basically an exposure of what government had already started doing since inception.

“This plan puts together all the things that we have been doing, including the strategies we have already developed and launched. “We have exited Cash calls in our joint venture relationships in the oil sector, which decision was announced last year.

“It is all part of the plan, so that funding of the joint ventures will no longer be a constraint. “It is part of the reasons we are targeting 2.5mbpd (million barrels per day) production of crude oil by 2020,” the minister said.

Udoma also said that Nigerians were very resourceful and the private sector had the capacity to reverse the fortunes of the country if the right policies were put in place.

The minister said, “what Nigerians need is for government to create an enabling environment and we are determined to do just that.”

He, however, assured the committee members that the Executive would work closely with the Legislature on the implementation of the Economic Recovery and Growth Plan (ERGP).

According to him, the plan already contains a number of initiatives and suggestions from the National Assembly.

”As we continue with implementation, we will always welcome contributions from the National Assembly,” Udoma said. Responding, Chairman of the Tactical Committee, Hon. Ayorinde Olabode, said the Committee and the Ministry would work together.

Oladobe said that they would work together since their focus was to achieve results in the five mandate areas given to the committee by the House. He said that the committee would report back to the National Assembly in four months.




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