President Muhammadu Muhammadu, on
Tuesday, has said that the failure to manage the country’s numerous
resources, lack of patriotism, among others, are reasons why the economy
went into recession in 2016, first in 30 years.
He stated this while declaring open the
22nd Annual Conference of Association of National Accountants of
Nigeria, ANAN, in Abuja, with the theme: “Sustainable Economic
Management in a Recession: Issues, Strategies and Options”.
Buhari expressed belief, “that if our
numerous resources were appropriately managed; corruption duly checked;
patriotism deeply imbibed in everything we do; the spirit of rule of law
was observed; and the citizen’s political freedom was ensured, Nigeria
could not have been in recession.”
He opined that the roles of the
accountants cannot be over-emphasized in his administration’s bid to
fulfil its promises majoring on diversifying the economic base of
Nigeria, confronting the security challenges, and dealing decisively
with corruption in all aspects of government businesses.
“You will recall when Nigeria was
producing an average of 2.1 million barrels of crude oil per day,
selling at an average of $100 per barrel, which today is not the case.
By 2016, Nigeria was in real recession for the first time in about three
“My administration has practically done
much in delivering on its core focus of diversifying the economy, by
empowering 200,000 smallholder farmers to cultivate some 233,000
hectares of farmland in 29 States, through Anchor Borrowers’ Programme.
“Interestingly, power generation has
peaked to an all-time high of 7,001 megawatts in the third quarter of
2017, while aiming at 10,000 megawatts by year 2020.
“Furthermore, the strength of our naira
against the US dollar is a story of building confidence on the entire
economy; from N525 to a dollar in February this year to N360 today.
“In a broader effort, the Federal
Government decided to support the economy of each federating State, by
extending Budget Support Facilities (BSF) to the States on the
achievement of the twenty-two (22) action points of the Fiscal
Sustainability Plan (FSP).
“Other relevant economic reform
initiatives established by the Government include: Home Grown School
Feeding Programme, N-Power Job creation to provide loans to small-scale
traders and artisans, Conditional Cash Transfer, Family Homes Fund and
Social Housing Scheme”, among others.