FG Plays Down Damaging Economic Statistics, to Launch Economic Recovery, Growth Plan

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Tobi Soniyi in Abuja

The Federal Government ‎has said that it will announce an ‎Economic Recovery and Growth Plan, (ERGP) before the end of the year even as recession continues to bite harder.

In an attempt to play down the discouraging economic statistics ‎emanating from the National Bureau of Statistics (NBS), the Office of the Vice President said efforts to rejuvenate the economy yielded positive results in third quarter.

Government blamed the dismal performance of the economy on vandalization in the Niger Delta.

A statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Mr Laolu Akande, said: “Third quarter Gross Domestic Product (GDP) figures released by the National Bureau of Statistics, NBS, reveal a consistent growth in agric and solid mineral sectors, indicating the success of the Buhari administration’s economic policies even though overall economy is still in recession.

“The over-riding impact of the oil and gas sector, where vandalism and sabotage of critical installations negatively affected production output, explains the persistence of the recession, as the non-oil economy posted a very slight growth.

“Efforts to resolve the Niger Delta situation are however continuing as the Federal Government has opened several channels of communication with all relevant groups in the Niger Delta. Also, urgent fiscal and monetary measures to spur the economy back to overall positive territory are certainly in the offing including those targeting manufacturing.”