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 decades.
“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.


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