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Nairaland Forum / Nairaland / General / Politics / We Met Economy In Meltdown But We'll Make Things Better – VP Osinbajo (476 Views)
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We Met Economy In Meltdown But We'll Make Things Better – VP Osinbajo by Wizmike111(m): 12:33pm On Oct 15, 2016 |
Vice President Yemi Osinbajo on Monday stated that the APC Government met an economy that was already in a meltdown, due to certain wrong decisions that were taken in the past. He assured Nigerians that Muhammadu Buhari administration is doing its best to save the situation, adding that the country did not adequately exploit the oil boom era to invest in infrastructure and in the area of diversifying the economy. The Vice-President, who disclosed this while inaugurating the agricultural sector road map titled, 'The Green Alternative: Agriculture Promotion Policy 2016 – 2020', in Abuja, said, "The present administration came into office to meet an economy essentially in meltdown." He said the Federal Government had concluded that before the end of September this year, the Bank of Agriculture would start giving out single digit interest loans to farmers in Nigeria. On the issue of economic recession, he expressed worry that during the period when oil was sold for over $100 per barrel, the country did not increase investment in infrastructure. "We knew that we had to set alright the economy and put it back on the path of sustainable growth with job opportunities for our teeming population. So, one of the critical components of that plan is to position agriculture as the arrow-head of our economic recovery efforts. If we get agriculture right, we will get our economy right." Osinbajo stated that the road map identified two key challenges and that the first was the inability to meet domestic food requirement. He said this is a productivity issue driven by Nigeria's inefficient input systems and farming models. He said the second challenge was the inability to export at levels required by the market and that this was due to an inefficient system, weak inspectorate measures and poor coordination among relevant agencies. "The Green Alternative has set out strategies for resolving these challenges. I'm personally impressed that the road map does not dismiss the agricultural policy of the past," he added. The Vice-President noted that the plan in the road map aligned with other economic policies of the Federal Government. He said, "Just to give some obvious examples, we cannot have a policy of encouraging local production of food and on the other hand have a high tariff on imported agricultural equipment. There is no way that we can encourage local production while we allow unbridled importation of the same things that we are trying to produce." Osinbajo observed that the financing of agriculture was also a crucial policy, adding that "with double digit interest rate at the moment, we have developed some funding options in the short term." He stated that the anchor borrowing programme of the Central Bank which allowed farmers to get loans at single digit interest rates had been very useful, as it was pivotal in enabling rice farmers in Kebbi State to increase their production considerably. " The Ministry of Finance has concluded plans to recapitalise and re-engineer the Bank of Agriculture. We expect that before the end of this quarter, the BOA should be able to give single digit interest rate loans to farmers," he said. The inauguration of the agricultural road map had various ministers and heads of different agencies of government in attendance. SOURCE: www.naijcrackgist..co.ke/2016/08/we-met-economy-in-meltdown-but-well.html?m=1 |
Re: We Met Economy In Meltdown But We'll Make Things Better – VP Osinbajo by Nobody: 12:36pm On Oct 15, 2016 |
Story! Story!! Story!!! O ukwua ka nama ga eji wee luo Otuoke? With economic policy confusion, it remains to be seen how 1 dollar will be 1 naira |
Re: We Met Economy In Meltdown But We'll Make Things Better – VP Osinbajo by ezechueze(m): 12:39pm On Oct 15, 2016 |
OK |
Re: We Met Economy In Meltdown But We'll Make Things Better – VP Osinbajo by Obijulius: 12:57pm On Oct 15, 2016 |
The dullest VP award goes to this fool |
Re: We Met Economy In Meltdown But We'll Make Things Better – VP Osinbajo by Nobody: 12:57pm On Oct 15, 2016 |
This stories you people are telling are not what you say during your campaign.You knew what was at stake but promised to improve on them within 3 month of swearing in.Chai! 1 Like
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Re: We Met Economy In Meltdown But We'll Make Things Better – VP Osinbajo by Sibrah: 2:26pm On Oct 15, 2016 |
How much did our investments under GEJ yield? We all know almajiri sch, cassava bread and 'privatization' of naval force aren't investments. It is common sense that to whom much is given, much is expected. Nigeria spent $217.2B in defending the Naira from 2002 to 2014. Half of those were expended under GEJ. That was how the economy was sustained under PDP rule. That's $16B/year average. The simple truth is that there is no money to invest and it is nearly impossible to borrow further due crippling repayment obligations the current admin must shoulder. 1 Like |
Re: We Met Economy In Meltdown But We'll Make Things Better – VP Osinbajo by vanbonattel: 2:29pm On Oct 15, 2016 |
Sibrah: Stories that touch the heart ![]() Does it mean that the presido, osibanjo and all the tourists that fought to get to aso rock were just hoping to carry the money stashed for them and spend it just like that? See these greedy people o! 2 Likes |
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