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Budget: FG Raises Non-oil GDP Projection To N104tn - Business - Nairaland

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Budget: FG Raises Non-oil GDP Projection To N104tn by nurex01(m): 12:16am On Aug 06, 2017
Ifeanyi Onuba

The Federal Government is proposing to raise the non-oil’s Gross Domestic Product growth rate for 2018 to N104.65tn from N99.79tn budgeted in 2017, which is an increase of N4.8tn.

The proposal is contained in the draft of 2018-2020 Medium-Term Expenditure Framework and Fiscal Strategy of the Federal Government.

The document outlines the Federal Government’s fiscal policies and macroeconomic projections for 2018 to 2020 as well as the broad framework for annual budget and fiscal management.



To achieve the growth projections, the document said the government would be focussing on five execution priorities and categories of initiatives to sustain the economic recovery.

The priorities are to stabilise the macroeconomic environment; to achieve agriculture and food security; to improve transportation infrastructure; to ensure sufficiency in power industry and petroleum products; and to drive industrialisation through focusing on the Small and Medium Enterprises.

Based on the government strategy, agriculture’s GDP is projected to rise from 5.03 per cent this year to 7.04 per cent.

For the industry and services sector, the government is projecting a GDP of 6.11 per cent and 3.16 per cent, respectively in 2018.

The Minister of Budget and National Planning said that since the country was already on its way out of economic recession, the current efforts of the Federal Government was on how to build the momentum of this growth trajectory.

This, according to him, has become imperative so as to ensure that the growth is maintained at the post-recession era with positive impact on the people.

He said, “The national debate is no longer about how to get out of recession; we are already moving in that direction with the adoption of the ERGP (Economic Recovery and Growth Plan).

“Focus will therefore be on specific sectors such as infrastructure, manufacturing, renewable energy, housing, agribusiness, creative industries, retail trade and digitalisation.”

But the Centre for Social Justice said that for a country that was still in recession to be projecting a growth rate of 4.8 per cent for 2018 was an overly ambitious move.

The Lead Director, CSJ, Mr. Eze Onyekpere, said the government needed to rethink its economic policies so that it could attract more foreign investors.

He said, “For a country that is still in recession in the third quarter of 2017 to be planning to do 4.8 per cent growth in 2018 will be a dramatic and quantum leap, which the economy has not been sufficiently primed to do.

“If the projection remains in the realm of being motivational, that is good enough. Again, this parameter is overly optimistic.

“The Federal Government needs to rethink its economic policies so that it can attract more foreign investors and unlock available local capital.

“The political process reflects and breathes down on the economic and social processes. Nigeria needs to unlock her potential and drive the economy away from its crude oil dependence through a process of evidence-led restructuring that allows the states or groups of states to take targeted, concrete and calculated steps to improve infrastructure, ease of doing business, access to credit and land reforms.”


http://punchng.com/budget-fg-raises-non-oil-gdp-projection-to-n104tn/

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Re: Budget: FG Raises Non-oil GDP Projection To N104tn by nextprince: 12:21am On Aug 06, 2017
Abeg, where are the Economics experts?

Because I don't understand anything in this report laced with so many professional jargon.

I'm seeing 2017 budget and 104trn, even though the budget is around 7trn, I'm confused. Though I know it has to do with improvement on what is on ground, these jargons are not allowing me to understand the message. As in what exactly is GDP, in a layman language?

4 Likes 1 Share

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by massinola(m): 8:00am On Aug 06, 2017
K
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nobody: 8:02am On Aug 06, 2017
nextprince:
Abeg, where are the Economics experts?

Because I don't understand anything in this report laced with so many professional jargon.

I'm seeing 2017 budget and 104trn, even though the budget is around 7trn, I'm confused. Though I know it has to do with improvement on what is on ground, these jargons are not allowing me to understand the message. As in what exactly is GDP, in a layman language?

funny guy.........GDP(gross domestic product) is the measure of all goods and services produced in a country on a yearly basis. i.e the money generated from every sector in that country every year.

now, Nigeria...being a country that's dependent on oil as a source of foreign revenue, the country want to diversify and increase the value(revenue/money generated) of non-oil sector esp the agricultural sector among others.

11 Likes 2 Shares

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by baike: 8:02am On Aug 06, 2017
see as them dey call money,,, trillions

1 Like 1 Share

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by baike: 8:04am On Aug 06, 2017
this land is not for sell, be where of 419
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by spaggyy(m): 8:04am On Aug 06, 2017
nice
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by sakalisis(m): 8:05am On Aug 06, 2017
lmao
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Bede2u(m): 8:06am On Aug 06, 2017
shervydman:


funny guy.........GDP(gross domestic product) is the measure of all goods and services produced in a country on a yearly basis. i.e the money generated from every sector in that country every year.
its not actually money generated from every sector. Its just as u earlier said, d value of goods produced in a country for a period, usually per year. Budget is a legal document dat shows govts expected revenue and expenditure for d year

1 Like

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nizguy(m): 8:08am On Aug 06, 2017
Nice move, if only they will implement or achieve it lipsrsealed
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nobody: 8:09am On Aug 06, 2017
Always proposing, planning to, we shall we would. Nonsense . APC has shown us u need to witch hunt ur predecessors. E go sweet me when APC loses and we see d looting done by ogbeh amaechi and fashola

4 Likes

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by uzoclinton(m): 8:09am On Aug 06, 2017
Too early to applaud them...
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by nextprince: 8:15am On Aug 06, 2017
shervydman:


funny guy.........GDP(gross domestic product) is the measure of all goods and services produced in a country on a yearly basis. i.e the money generated from every sector in that country every year.

now, Nigeria...being a country that's dependent on oil as a source of foreign revenue, the country want to diversify and increase the value(revenue/money generated) of non-oil sector esp the agricultural sector.

Bro, blessings fall on you.

You just brought this thing to my level and I must confess, this is the first time I'm getting to know the exact meaning of GDP.

Pls just comfirm if I got it right, basically, the govt wants to increase the non-oil aspects of the total goods and services produced in the country.

4 Likes

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by kings09(m): 8:16am On Aug 06, 2017
And so?
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nobody: 8:17am On Aug 06, 2017
nextprince:


Bro, blessings fall on you.

You just brought this thing to my level and I must confess, this is the first time I'm getting to know the exact meaning of GDP.

Pls just comfirm if I got it right, basically, the govt wants to increase the non-oil aspects of the total goods and services produced in the country.
u gerrit..... wink

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Re: Budget: FG Raises Non-oil GDP Projection To N104tn by nextprince: 8:18am On Aug 06, 2017
shervydman:

u gerrit..... wink
Thanks.

2 Likes

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by eakenbor: 8:18am On Aug 06, 2017
.
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by abbaapple: 8:19am On Aug 06, 2017
I am damme tird wit dis baba gov. Mttscheww undecided

1 Like

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by mrvitalis(m): 8:20am On Aug 06, 2017
This is our problem we have a gdp of close to a hundred trillion and yet taxing out 40 trillion to run our country is hard

Either the money get stolen before they even get to the government or we have had some very compotent government since 1999

All this is all a grand plan to get the people do be uninterested in government since they contribute little
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nobody: 8:20am On Aug 06, 2017
eakenbor:
Do they even know the meaning of 104 trn naira? Or are they talking of Zimbabwean dollars?
u've even contradicted urself......u said 104t naira, and u're still asking if its Zimbabwe dollars.

2 Likes

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by mrvitalis(m): 8:24am On Aug 06, 2017
eakenbor:
Do they even know the meaning of 104 trn naira? Or are they talking of Zimbabwean dollars?

Don't show the world how stupid you are please

3 Likes

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by jaytime(m): 8:26am On Aug 06, 2017
eakenbor:
Do they even know the meaning of 104 trn naira? Or are they talking of Zimbabwean dollars?
Is Nigerian economy not big enough to achieve that? A country of over 170m people? In case you don't know, they are talking about GDP here o. That includes the value of the goods and services you, me and foreigners produce in this country o.

2 Likes

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by baike: 8:27am On Aug 06, 2017
eakenbor:
Do they even know the meaning of 104 trn naira? Or are they talking of Zimbabwean dollars?
this Is what I am talking about, this government sef
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nobody: 8:30am On Aug 06, 2017
Bede2u:
its not actually money generated from every sector. Its just as u earlier said, d value of goods produced in a country for a period, usually per year. Budget is a legal document dat shows govts expected revenue and expenditure for d year

aw can u explain the 2nd emboldened statement in relation to the first?

1 Like

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by juman(m): 8:31am On Aug 06, 2017
Nonsense

Senseless apc.

Mere noise making.
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nobody: 8:33am On Aug 06, 2017
juman:
Nonsense

Senseless apc.

Mere noise making.
what has APC got to do with this?

1 Like

Re: Budget: FG Raises Non-oil GDP Projection To N104tn by juman(m): 8:39am On Aug 06, 2017
shervydman:

what has APC got to do with this?

@bolded

The Federal Government is proposing to raise the non-oil’s Gross Domestic Product growth rate for 2018 to N104.65tn from N99.79tn budgeted in 2017, which is an increase of N4.8tn.

The proposal is contained in the draft of 2018-2020 Medium-Term Expenditure Framework and Fiscal Strategy of the Federal Government.

The document outlines the Federal Government’s fiscal policies and macroeconomic projections for 2018 to 2020 as well as the broad framework for annual budget and fiscal management.
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by jaytime(m): 8:41am On Aug 06, 2017
shervydman:


aw can u explain the 2nd emboldened statement in relation to the first?
Leave the guy; you were correct. He failed to understand that money is a measure of value.
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nobody: 8:42am On Aug 06, 2017
jaytime:

Leave the guy; you were correct. He failed to understand that money is a measure of value.
thanks.
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by maxiflexy(m): 8:43am On Aug 06, 2017
may God give some Nigerians wisdom to understand economic terms
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by medolab90(m): 8:46am On Aug 06, 2017
Nice
Re: Budget: FG Raises Non-oil GDP Projection To N104tn by Nobody: 8:50am On Aug 06, 2017
juman:


@bolded



lol......Nigerians won't kill me on a good Sunday morning.

federal govt of Nigeria is not just APC but comprises of legislative, judiciary and executive arms.

please, read the link......https://en.wikipedia.org/wiki/Politics_of_Nigeria

stop all these ur party politics

1 Like

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