Nigeria’s economy has experienced growth, says President Buhari
Oct. 09, 2019
President Muhammadu Buhari says the Nigerian economy has recorded nine consecutive quarters of Gross Dometic Product growth so far.
The president said this while presenting Nigeria's 2020 budget to the National Assembly on Tuesday, October 8.
He said the annual growth increased from 0.82 percent in 2017 to 1.93 percent in 2018, and 2.02 percent in the first half of 2019.
Buhari noted that the continuous recovery reflects the Nigerian economy’s resilience, adding that it is a testament to his government’s economic policies implemented so far.
He went on to say his government has sustained accretion to its external reserves, which he noted has risen from US$23 billion in October 2016 to about US$42.5 billion by August 2019.
According to him, the increase is largely due to favourable prices of crude oil in the international market, minimal disruption of crude oil production and Nigeria’s import substitution drive.
“The total value of capital imported into Nigeria increased from US$12 billion in the first half year of 2018 to US$14 billion for the same period in 2019,” he told the legislators.
Nigerians would be hoping the figures that the president reeled out at the National Assembly will translate into real progress in their daily lives.
Experts continue to lament over the government's inadequacies and the inability of their policies to have a direct impact on the people.
President Buhari has promised Next Level after promising Change in 2015, and many are optimistic that things will change for the better beyond rhetorics.
In a related development, a breakdown of the 2020 budget presented by President Muhammadu Buhari, on Tuesday, October 8, has shown Defence getting N100 billion.
Works and housing will take N262 billion, power has a share of N127 billion, while the Universal Basic Education (UBE) programme takes N112 billion.
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