36 States, FCT Contribute N522m for GDP Computation Exercise

02 Apr 2012

Views: 1,994

Font Size: a / A

N11072011-Shamsudden-Usman.jpg - N11072011-Shamsudden-Usman.jpg

Minister of National Planning Commission,   Shamsudeen Usman,

By  Ibrahim Shuaibu 

The Minister of National Planning Commission, Dr. Shamsudeen Usman, has disclosed that the estimated financial cost of the states Gross Domestic Products (GDP) computation project in the country is N1.044 billion.

According to him, the estimate is to be borne by the Federal Government and State Governments and the Development Partners in the ratio of 30:50:20 respectively.

He stressed that “towards this, the 36 states and FCT are expected to contribute a total of N522 million, or N14.1 million each.”
The Minister pointed out that the FG is to contribute the sum of N313.3 million, while the development partners would contribute N208.9 million.

Usman stated this during the recent flag-off of the State GDP computation in Nigeria for North-west states held at Kano State Assembly complex, explaining that a dedicated account has been opened for the project as part of the effort to ensure transparency and accountability of the process.

“Critical issue in the execution of the project is the choice of procedures or methodology and another critical issue is the need to achieve equality between GDP values generated from the three traditional approaches of income, expenditure, value added and product approaches,” he added.

The minister acknowledged that the approach can be top down or bottom up, while a hybrid approach has been proposed by the national steering committee.

According to him, the overall objective of the project is to provide a measure of the size of economic activities of each of the federating states in the country and provide necessary tools for designing programmes that would improve the welfare of the people and reduce poverty at the sub-national levels.

He emphasised that the others areas are ascertaining the level of sectoral linkages in the state for policy formulation and decision making, facilitate the determination of variations in economic growth and development across the country.

Speaking also, Kano State Governor, Dr. Rabiu Musa Kwankwaso, said the proposed Stated Gross Domestic Project (SDGP) aimed to ensure a thorough and robust analysis of the performance of the states and local government authorities’ economies as well as a device for proper planning, budgeting and phasing of government programmes and projects across the state.

Kwankwaso, represented by his deputy, Dr. Abdullahi Umar Ganduje, stressed that Kano has already engaged in formal discussion with relevant stakeholders for proper formalisation before computation exercise.

The governor reaffirmed that the informal sector was one of the major components of the Kano state economy and major employer of labour, adding that his government embarked on supporting women with grants to venture into businesses to sustain themselves as well as support their families.

Tags: Business, Nigeria, Featured, Shamsudeen Usman

Comments: 0


Add your comment

Please leave your comment below. Your name will appear next to your comment. We'll also keep you updated by email whenever someone else comments on this page. Your comment will appear on this page once it has been approved by a moderator.

comments powered by Disqus