Nigeria Is Out Of Recession And President Buhari Is Transforming The Economy.

Around the middle of 2014, when the price of crude oil fell dramatically, Nigeria’s finances became challenged. This is not hard to explain: We’ve historically depended on crude oil for as much as 70 per cent of government revenues and 90 per cent of foreign exchange earnings. The outcome—pressure on government finances—was by no means unusual. A similar fate befell most oil-rich countries around the world.

Where Nigeria possibly stood out was in the fact that during the preceding three years—when oil prices were in excess of $100 per barrel—the previous administration did little in terms of saving and investing for the future. Our sovereign wealth fund—which was established in October 2012 with just US$1 billion—did not receive any further inflow during the oil price boom. Instead, billions of dollars were squandered through corrupt oil and defense contracts.

It is a terrible thing for a country to fall on hard times without a savings buffer. But there was nothing unexpected about our downturn. It was the inevitable result of the choices we made or didn’t make during the years of boom.

What is remarkable—yet not talked about as much—is the way we have worked so hard to exit the recession, reset the economy and reposition Nigeria for a brighter future for present and future generations of Nigerians. President Muhammadu Buhari and his administration are laying the foundations for the kind of economic growth that makes a real impact in the lives of citizens.

The downturn has inspired unprecedented levels of fiscal responsibility, in line with President Buhari’s determination to fight Nigeria’s endemic corruption.

Shortly after taking office, he issued a presidential order mandating the immediate implementation of the Treasury Single Account (TSA) system, consolidating thousands of government accounts scattered across banks into a unified system that is transparent and easy to centrally monitor and track. Under the old system, it was common for government accounts to be converted into personal use, but under the TSA this is impossible. Also, the proliferation of accounts encouraged several questionable practices.

Budgetary reform has also taken a lot of our time and attention. We are pioneering the use of software to prepare our annual budgets, which allows greater transparency and the ability to track changes.

We have insisted on using biometric verification in the deployment of our social investment programme, which includes a job scheme for unemployed graduates; a school feeding scheme for primary school pupils; a conditional cash transfer scheme targeting a million of our poorest citizens; and a micro-credit scheme for artisans, farmers, and traders. In the past, social investment payments would have been made as cash handouts.

A similar insistence on biometric verification for the federal payroll has resulted in the detection of tens of thousands of bogus beneficiaries—or “ghost workers,” as we often refer to them in Nigeria—and savings running into billions of naira every month. The tighter rein on public finances allowed us invest $500 million in our sovereign wealth fund during a recession.

We are pursuing unprecedented cooperation with foreign governments and powers, as part of our transparency and anti-corruption drive. For the simple reason that a disproportionate amount of public funds looted in Nigeria end up in the United Arab Emirates, Nigeria has signed bilateral agreements with the UAE government on extradition, exchange of information, and repatriation of stolen public funds.

One strong demonstration of our political will has been a whistleblowing scheme we launched months ago that empowers citizens to report public corruption. The impact in terms of recoveries has exceeded our expectations: In two high-profile examples, $43 million and $9.8 million in looted cash were recovered from apartments in Lagos in the south and Kaduna in the north respectively.

A lot of the work we have done since President Buhari came to office in May 2015 has been focused on dismantling the old ways of doing things, rebuilding them, and empowering and fortifying our institutions with technology to block loopholes, discourage abuse, and prevent a relapse into the destructive ways of the past.

The new Nigeria we seek will not happen without this kind of foundational reform that imposes on us new ways of thinking and of doing things. The early results are already being seen. A concerted focus on agriculture has seen our rice imports from Thailand dropping by 90 per cent between 2015 and 2016 and being replaced by locally grown variants.

As oil has let us down, we have started to do what we should have done decades ago: Invest in agriculture and mining. Throughout the recession, agriculture recorded healthy growth. As we emerge from the recession, its impact is certain to multiply and position Nigeria for a prosperous future.

The most important elements of any reform effort tend to be the least flamboyant. We are confident that in the months and years ahead, Nigerians and the world will see the full impact of the foundational resetting that the Buhari administration has been focused on since 2015.

There is of course a lot of resistance to reform, by vested interests within and outside the system. But we are not fazed. The work of reform goes on. To borrow a phrase from the Nigerian novelist, Chinua Achebe, it is morning yet on Creation Day. Not very long from now, Nigerians and the world will look back on the recession we have just emerged from, and realize that it was the turning point in Nigeria's journey to true growth and greatness.


By The Hounorable Minister Of Finance,
Kemi Adeosun.

Source: http://www.newsweek.com/nigeria-economy-recession-muhammadu-buhari-693620

presidency:
Nigeria Is Out Of Recession And President Buhari Is Transforming The Economy

Around the middle of 2014, when the price of crude oil fell dramatically, Nigeria’s finances became challenged. This is not hard to explain: We’ve historically depended on crude oil for as much as 70 per cent of government revenues and 90 per cent of foreign exchange earnings. The outcome—pressure on government finances—was by no means unusual. A similar fate befell most oil-rich countries around the world.

Where Nigeria possibly stood out was in the fact that during the preceding three years—when oil prices were in excess of $100 per barrel—the previous administration did little in terms of saving and investing for the future. Our sovereign wealth fund—which was established in October 2012 with just US$1 billion—did not receive any further inflow during the oil price boom. Instead, billions of dollars were squandered through corrupt oil and defense contracts.

It is a terrible thing for a country to fall on hard times without a savings buffer. But there was nothing unexpected about our downturn. It was the inevitable result of the choices we made or didn’t make during the years of boom.

What is remarkable—yet not talked about as much—is the way we have worked so hard to exit the recession, reset the economy and reposition Nigeria for a brighter future for present and future generations of Nigerians. President Muhammadu Buhari and his administration are laying the foundations for the kind of economic growth that makes a real impact in the lives of citizens.

The downturn has inspired unprecedented levels of fiscal responsibility, in line with President Buhari’s determination to fight Nigeria’s endemic corruption.

Shortly after taking office, he issued a presidential order mandating the immediate implementation of the Treasury Single Account (TSA) system, consolidating thousands of government accounts scattered across banks into a unified system that is transparent and easy to centrally monitor and track. Under the old system, it was common for government accounts to be converted into personal use, but under the TSA this is impossible. Also, the proliferation of accounts encouraged several questionable practices.

Around the middle of 2014, when the price of crude oil fell dramatically, Nigeria’s finances became challenged. This is not hard to explain: We’ve historically depended on crude oil for as much as 70 per cent of government revenues and 90 per cent of foreign exchange earnings. The outcome—pressure on government finances—was by no means unusual. A similar fate befell most oil-rich countries around the world.

Where Nigeria possibly stood out was in the fact that during the preceding three years—when oil prices were in excess of $100 per barrel—the previous administration did little in terms of saving and investing for the future. Our sovereign wealth fund—which was established in October 2012 with just US$1 billion—did not receive any further inflow during the oil price boom. Instead, billions of dollars were squandered through corrupt oil and defense contracts.


It is a terrible thing for a country to fall on hard times without a savings buffer. But there was nothing unexpected about our downturn. It was the inevitable result of the choices we made or didn’t make during the years of boom.

What is remarkable—yet not talked about as much—is the way we have worked so hard to exit the recession, reset the economy and reposition Nigeria for a brighter future for present and future generations of Nigerians. President Muhammadu Buhari and his administration are laying the foundations for the kind of economic growth that makes a real impact in the lives of citizens.


The downturn has inspired unprecedented levels of fiscal responsibility, in line with President Buhari’s determination to fight Nigeria’s endemic corruption.

Shortly after taking office, he issued a presidential order mandating the immediate implementation of the Treasury Single Account (TSA) system, consolidating thousands of government accounts scattered across banks into a unified system that is transparent and easy to centrally monitor and track. Under the old system, it was common for government accounts to be converted into personal use, but under the TSA this is impossible. Also, the proliferation of accounts encouraged several questionable practices.

Budgetary reform has also taken a lot of our time and attention. We are pioneering the use of software to prepare our annual budgets, which allows greater transparency and the ability to track changes.

We have insisted on using biometric verification in the deployment of our social investment programme, which includes a job scheme for unemployed graduates; a school feeding scheme for primary school pupils; a conditional cash transfer scheme targeting a million of our poorest citizens; and a micro-credit scheme for artisans, farmers, and traders. In the past, social investment payments would have been made as cash handouts.

A similar insistence on biometric verification for the federal payroll has resulted in the detection of tens of thousands of bogus beneficiaries—or “ghost workers,” as we often refer to them in Nigeria—and savings running into billions of naira every month. The tighter rein on public finances allowed us invest $500 million in our sovereign wealth fund during a recession.

We are pursuing unprecedented cooperation with foreign governments and powers, as part of our transparency and anti-corruption drive. For the simple reason that a disproportionate amount of public funds looted in Nigeria end up in the United Arab Emirates, Nigeria has signed bilateral agreements with the UAE government on extradition, exchange of information, and repatriation of stolen public funds.

One strong demonstration of our political will has been a whistleblowing scheme we launched months ago that empowers citizens to report public corruption. The impact in terms of recoveries has exceeded our expectations: In two high-profile examples, $43 million and $9.8 million in looted cash were recovered from apartments in Lagos in the south and Kaduna in the north respectively.

A lot of the work we have done since President Buhari came to office in May 2015 has been focused on dismantling the old ways of doing things, rebuilding them, and empowering and fortifying our institutions with technology to block loopholes, discourage abuse, and prevent a relapse into the destructive ways of the past.

The new Nigeria we seek will not happen without this kind of foundational reform that imposes on us new ways of thinking and of doing things. The early results are already being seen. A concerted focus on agriculture has seen our rice imports from Thailand dropping by 90 per cent between 2015 and 2016 and being replaced by locally grown variants.

As oil has let us down, we have started to do what we should have done decades ago: Invest in agriculture and mining. Throughout the recession, agriculture recorded healthy growth. As we emerge from the recession, its impact is certain to multiply and position Nigeria for a prosperous future.

The most important elements of any reform effort tend to be the least flamboyant. We are confident that in the months and years ahead, Nigerians and the world will see the full impact of the foundational resetting that the Buhari administration has been focused on since 2015.

There is of course a lot of resistance to reform, by vested interests within and outside the system. But we are not fazed. The work of reform goes on. To borrow a phrase from the Nigerian novelist, Chinua Achebe, it is morning yet on Creation Day. Not very long from now, Nigerians and the world will look back on the recession we have just emerged from, and realize that it was the turning point in Nigeria's journey to true growth and greatness.


By The Hounorable Minister Of Finance,
Kemi Adeosun

Source: http://www.newsweek.com/nigeria-economy-recession-muhammadu-buhari-693620

Story story, story

Ok

Beautiful

Madam Kemi, the reality on ground is quite different. Tell your Principal the absolute truth so that he will sit up and effect the needed change so that Nigerians will enjoy the benefits of democracy they sacrificed for.


Nigerians, let's wisen up and ATIKULATE for a prosperous future

PMB team are really trying to revive back our economy but Maina gate is damn disgusting.

We the Progressive are solidly behind you Sai Baba.

Congratulations to England Under 17

Forward ever

Backward never

Atiku should go and enjoy is loot in peace.

id911:
Madam Kemi, the reality on ground is quite different. Tell your Principal the absolute truth so that he will sit up and effect the needed change so that Nigerians will enjoy the benefits of democracy they sacrificed for.


Nigerians, let's wisen up and ATIKULATE for a prosperous future

Delishpot is Typing..............

in your face- kemi

Nonsense stop cooking up figures , Nigeria is not out of recession till Buhari goes back to Daura..No nation deserves such lackadaisical style leadership

Just imagine

is this woman mad?

In related news, North Korea just won the U17 World Cup ... so happy for Kim Jong Un

Transforming from prosperity to recession is also a transformation.
Dullard transformation.

Yes he has transformed it indeed... now I have to solve Laplace transform just to eat my next meal

Transforming the economy?


By giving backing to his crew as they loot and squander our commonwealth, abi?

Are you sure Jubrin will support this words from the mediocre lady?

Like seriously?


With hunger,unemployment and poverty.

I stopped taking every news serious since the day News came out that psychiatric doctors are on strike.

Too many runaway mental patients on the loose.
Our finance minister is one of them

yeah

Long story. It's the ordinary nigerians that will determine when the recession is over . Until things get back to normal, the recession isn't over

madridguy:
Forward ever

Backward never

Atiku should go and enjoy is loot in peace.

Hope you have collected your BMC salary for october.

Nightwolf1:



Story story, story

Because of this 3 words u quote the whole post...u are a fool I swear

Okay ooooooooooooooooooooooooo

If the Op was a police man his office will be station at ZONE B

I think the people in power need to spend one weekend in the house of a common man in Nigeria every once in a while. This will give them a better picture of what is really going on in the land.

this should be in the "Jokes Section"...

Didn't bother to read the story but from the title here's my reaction


The second one is from those kids who were asked how they enjoyed the food the federal government was giving them in public schools

their is no physical transformation


expect the paperwork and "we will do it"





until the masses feels it, make this government shift

in your kitchen abi?
cos no b d same nigeria we dey stay