Buhari, Osinbajo Move To End Recession Scourge

The one-day session was held at the State House conference centre, with the theme “Building inter-ministerial synergy for effective planning and budgeting in Nigeria” and the areas of the 2017 Budget.

Obadiah Mailafia, Ayo Teriba, Birsmark Rewane and Bode Agosto were the four key speakers at the retreat, they spoke on Weaning the Economy out of oil dependence; Fiscal and Trade Policy options to get the economy out of recession; Monetary and Exchange Rate Policy options to get the economy out of recession and How to grow output and productivity in the Real Sector, respectively.

The president who revealed the purpose of the retreat said, “this Retreat has been designed to discuss issues around the State of the Economy and build consensus amongst Cabinet Members and top Government officials. The Retreat will also serve as an opportunity to have a general overview of the economy and discuss the framework for the 2017 Budget, its key priorities and deliverables.”

He also said the retreat came at the right time, “This Retreat is coming at a critical time in our economic history, when the Nigerian economy is in a recession, with significant downturn in performance in various sectors. It is with regard to the importance of this Retreat that I decided to sit through the first part of the session to listen to the views from experienced economists and development experts on how best to implement our plans to rid the country of its oil dependence and to diversify the economy and bring the country out of the current economic recession.

“This is in line with our Administration’s determination to lay a solid foundation for growth and development as outlined in the Strategic Implementation Plan (SIP) of our Change Agenda.

Talking about the 2017 budget, he said that this Retreat is a lead-up to the 2017 Budget “my expectation is that we will come out of the these sessions with a determination and common position on how to have improved synergy amongst the various Ministries and Departments for the effective formulation and implementation of the 2017 Budget.

“I also trust that the breakout sessions will enable you to discuss extensively amongst yourselves, the details of the four sub-themes and come up with practical solutions on the way forward in order to come out with a set of prioritized projects and programmes that will fit into the 2017 Budget.

The president also revealed that a matter of priorities, that some Ministries may get significantly less capital allocation than they received in 2016, while others may get significantly more.

“You may notice that some key non-spending agencies, such as the Infrastructure Concession Regulatory Commission (ICRC), the Bureau of Public Enterprises (BPE), the National Sovereign Investment Authority (NSIA) and the National Pension Commission (PENCOM), are participants at this Retreat.

“This deliberate inclusion underscores the commitment of this Administration to leverage on private sector resources, through Public Private Partnerships (PPP) and other arrangements, in order to augment the scarce budgetary resources at our disposal and to accelerate investments in building critical infrastructure.

He also expressed that the challenges we face in the current recession require ‘out-of-the-box’ thinking, to deploy strategies that involve engaging meaningfully with the private sector, to raise the level of private sector investment in the economy as a whole.

“We are confident that the level of private investment will grow as we are determined to make it easier to do business in Nigeria by the reforms we are introducing under the auspices of the Presidential Committee on Ease of Doing Business.

“Let me reiterate that this Government will continue to strategize on how we can turn the current challenges into opportunities for our nation and especially for our vibrant youth on whose shoulders lies the future of this nation.

“This is why we have embarked on measures and actions that will open up the opportunities we have seen in the Power, Housing, Agriculture, Mining, Trade and Investment, Information Communication Technology (ICT) Sectors, Tourism, Transport and other sectors.

The president also reassured the youths that his governmnet would remain steadfast in its effort to ensure greater progress and prosperity for everyone.

He mentioned that all hands must be on desk to achieve the desired change “We will need, and we ask for the support and cooperation of the private sector’s domestic and foreign investors, the States and Local Governments, the National Assembly and the Judiciary as well as all well-meaning Nigerians in this important task. We are confident that working together, we shall succeed.

“Finally, I trust that the cabinet members will learn from the experiences of the Resource persons and facilitators to prioritise their sector programmes and projects to bring the country out of the current economic recession and place it on the path of growth and development.

“I therefore urge the Honourable Ministers and other senior government officials here present, to actively participate in the Second Technical Session, which I believe will provide you with deeper insight into the complex issues that will open opportunities for you to identify critical priority projects and programmes for the 2017 Budget.”