- President Muhammadu Buhari has said that the country has saved N228b from bank charges and stoppage of ghost workers
- Buhari said that this was as a result of the implementation of the TSA
- He blamed the 2016 recession on the over-dependence on a single commodity and the looting of the nation’s treasury by corrupt government officials
The presidency on Tuesday, May 22, said that Nigeria has saved over N120 billion from the stoppage of ghost workers and another N108 billion from bank charge following the implementation of the Treasury Single Account (TSA).
President Muhammadu Buhari said this at the conferment of the national productivity order of merit award on 15 Nigerians and five companies, including Winifred Oyo-Ita, the head of the civil service of the federation, The Nation reports.
The president said that his administration has put programmes in place that has proven fruitful as revealed in the decline of the rate of inflation to 12.5 per cent as at Monday, May 14.
He blamed the 2016 recession on the over-dependence on a single commodity and the looting of the nation’s treasury by corrupt government officials, adding that the challenge before the task was how to sustain the recovery and ensure stable growth.
Buhari said: "As you are already aware, our country recently witnessed a tough economic period of recession attributed mainly to over-dependence on a single export commodity as well as the unprecedented looting of the treasury. With our determined efforts, we were able to exit recession. The challenge before us now is how to sustain the recovery and ensure growth.
“The Economic Recovery and Growth plan (ERGP) of this administration targets a seven per cent growth rate by 2020, driven by strong non-oil sector growth in agriculture, solid minerals, manufacturing, information technology and services.
“Our aim is to change our narratives from an import dependent, consumption-driven and undiversified economy to a producing nation where we grow what we eat and consume what we make. Our effort in this regard is beginning to pay off as most indices by which an economy could be measured are looking bright.
“Our foreign reserve has risen to $47 billion as at April 9, 2018 as against $29.6 billion in May 2015. The inflation rate had dropped to 12.5 per cent as at May 14, 2018, making it the 15th consecutive month of fall. The implementation of the Treasury Single Account (ISA) has stopped the pilfering of the treasury.”
The president further said: “Some N108 billion has been saved from bank charges. Over N120 billion has also been saved from the elimination of ghost workers in the public service. We have also made steady progress in our diversification programme, especially in agriculture and mining.
“The goal of this administration is to move Nigeria forward to become a strong, strategic and proactive state through a deliberate, pragmatic and productivity conscious programme of action.
“We want to rebuild Nigeria into a competitive, virile, strong and productive economy; a state whose citizens are creative, innovative, responsive, accountable, incorruptible, patriotic and diligent.
"The public service as the organ of government responsible for the formulation and implementation of government policies has a critical role to play in this new dispensation. Government will hold the public servants collectively and individually responsible for the planning and implementation of its programmes.”
He said his administration was committed to rewarding hard work and excellence. He remarked: “It is in this regard that we have placed great premium on the National Productivity Order of Merit (N POM) Award as an award of honour and dignity. We have, therefore, been consistent in the yearly conferment of the award on deserving Nigerians and organisations.”
Meanwhile, Legit.ng reported that the naira had appreciated by 30.3 per cent since February when the Central Bank of Nigeria (CBN) began its aggressive interventions at the foreign exchange market.
The Nigerian currency had exchanged at N520 to the dollar at the peak of onslaughts by currency speculators before the CBN stated intervening by injecting foreign exchange in the market.
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