FG Restates Commitment to Tackling Inflation, Stimulating Economic Growth

•Approves N58bn contracts for humanitarian affairs, works

•Seeks understanding of commuters over Abuja-Keffi road gridlock

•Buhari swears in six INEC national commissioners

Deji Elumoye

The federal government has expressed its readiness to ensure that the high inflation rate in the country continues on a downward trajectory as well as work out ways to boost economic growth.

It, however, noted that though the Nigerian economy had consistently moved in the right direction for some time now, its impact on people’s live was yet to be fully felt.

These were made known yesterday by the Minister of State for Budget and National Planning, Clement Agba, while speaking to newsmen at Abuja, after the Federal Executive Council’s (FEC) weekly virtual meeting on the latest Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS).

President Muhammadu Buhari also yesterday administered oath of office on six National Commissioners of the Independent National Electoral Commission (INEC).

According to Agba, the economy had been making a lot of progress given its consistent positive performance in recent times. Citing the National Development Plan 2021-2025, the minister emphasised that work on reviving the economy is a continuous process, adding that he could not provide definite time line to reduce the inflation to the level that would positively impact all Nigerians.

He said: “First, you say the figures that were given show that there is a positive trajectory in terms of the economy. I think first we need to understand what GDP itself means. It’s the totality of the value of goods and services, it’s an indication of what is happening in the economy, when you are having more to spend, more transactions are going on.

“It means that the economy itself is growing and if it is declining, and you have such negative decline in two quarters, then we will say you are in a recession.

“And the NBS has consistently given these figures, whether they are positive or they are negative, and then we compare them either on month-on-month basis or year-on-year basis.

“And then we also have what those figures are annually, which tend to show us or indicate whether we are making progress or not.

“What those numbers show is that there’s a steady progress that is being made. Whether it is far reaching enough, is a different ball game.”

Speaking further, he said: “And that’s why you see in the National Development Plan 2021 to 2025, we are looking for a growth rate of an average of five per cent. We haven’t gotten there yet but it is beginning to move towards that trajectory.

“In terms of inflation, for about 17 months consecutively, you find that inflation rate was going up, but what we are beginning to see is that for eight consecutive months, there’s a steady decline.

“It is not so much of the heavy decline, but there is consistency in that decline, both for headline and to the inflation.

“But in December, we noticed that there was a slight increase. Of course, you know what normally would happen at the end of the year when everybody’s chasing the few available goods.

“So the demand, of course, is much, much higher than supply. But the good news is that in January, there was also a decline. And we noticed that the food index increases were around price of bread and cereal. And then food products were classified as like potatoes, yam, and other tubers, soft drinks, oil fats and fruit. So, the economy is being worked on; it is a work in progress.”

On his part, the Works and Housing Minister, Babatunde Fashola, sought the understanding of commuters using the Abuja-Keffi expressway, who had suffered consistent traffic gridlock in recent times, to bear with the federal government, noting that the ongoing expansion is meant to alleviate their suffering.

While noting that over 20,000 vehicles ply the road daily, he said if it were possible, the road would have been shut to enable its speedy implementation.

“On Abuja-Keffi road, the reason we’re there in the very first place to build the route is because it has become insufficient to manage the large traffic of commuters. And we understand the inconvenience that commuters feel trying to use that road.

“We appeal to them to bear with us. It’s a challenge for us, I think, almost about 15 to 20,000 vehicles, if not more, use that corridor now almost on a daily basis.

“We wish we shut it down so that we can have uninterrupted construction but fortunately, that’s not possible. So, why we manage traffic, people have to drive through a construction site we’re building,” he explained.

He said further: “So, please bear with us. We’ll do the best we can to minimise the inconvenience. When the road is finished, be sure that the current inconvenience would have been well worth the wait and the experience.”

FEC also approved contract awards totalling about N58 billion for projects under the ministry of works and housing and the ministry of humanitarian affairs, social development and disaster management.

Fashola revealed that his ministry had an approval for the termination and re-award of the 49 kilometers section of Abaji to Kotokarfi road, which is part of the Abuja-Lokoja highway, to Messers Galt for N56.175 billion.

He said FEC also approved the revision of the contract of the Afo-Apoto-Oyo boundary road in Kwara by the sum of N251,530,000, which revised the contract sum from N3,060,000,000 to N3,311,000,000.

According to him, this was to enable the contractor to make provision for drains, replace unsuitable material and to reconstruct damaged shoulders of the road, as well as accommodate some variation in price.

Also speaking, Minister of humanitarian affairs, disaster management and social development, Hajiya Sadiya Umar Farouk, said she presented two memos for the revised estimated total cost of N2 billion for the supply of cattle for Taraba state under the emergency agricultural integration for states affected by conflict and insecurity.

The Council similarly approved the revised policy on science, technology and innovation policy to help the country to keep pace with emerging technologies.

The Minister of Science and Technology, Dr. Ogbonnaya Onu, who spoke on this said the objective of the revised policy was to use technology to improve the standard of lives of Nigerians.

According to him: “There’ve been tremendous advances in science, technology and innovation all over the world and this necessitated the for our science, technology and innovation policy which was put in place in 2012, 10 years ago, to be revised so that we can keep pace with new and emerging technologies.

“The main objective is for us to use science, technology and innovation, to improve the standard of living of our citizens and ensure that we have high quality of life for all Nigerians. And this we can get if our nation becomes more prosperous, and our economy is more globally competitive.

“Again, we’ll like to see Nigeria, using this policy, to be one of the top scientific powers in the world. We believe that this will help our country to keep narrowing the gap between us and the technologically developed countries of the world.”

Buhari Swears in Six INEC National Commissioners

Buhari presided over the brief ceremony which preceded the FEC meeting.

The INEC National Commissioners were Mohammed Haruna (Niger); Mrs Agbamuche Mbu (Delta); Okeagu Nnamdi (Abia); Major General Abubakar Alkali (rtd.) (Adamawa); Professor Rada Gumus (Bayelsa); and Sam Elumeku (Ogun).

Present at the inauguration ceremony were Vice President Yemi Osinbajo; President of the Senate, Senator Ahmad Lawan and the Speaker of the House of Representatives, Hon. Femi Gbajabiamila.

Also present were the Secretary to the Government of the Federation, Mr. Boss Mustapha; the Chief of Staff to the President, Professor Ibrahim Gambari; the National Security Adviser (NSA), Major General Babagana Monguno (rtd); and some of the Ministers scheduled to attend the FEC meeting.

Speaking to newsmen after the swearing-in ceremony, Chairman of INEC, Prof. Mahmood Yakubu, said Nigerians should expect the best out of INEC, now that the Commission has the full complement of its commissioners.

“Well, it’s a good day for the Commission, with the swearing in of the six National Commissioners, we have the full complements of 12 National Commissioners.

“It’s coming three days to by-elections in four states of the Federation and as we plan for the Ekiti and Osun governorship elections.

“As we continue to prepare for the 2023 general elections, we’ll go on firing on all cylinders now that we have the full complement of commissioners and Nigerians should expect the best out of the Commission,” he said.