₦airaland Forum

Following the cries of Nigerians over a
dying economy, President Muhammadu
Buhari on Thursday, September 15, held
an emergency meeting with experts and
ministers of the federation, to look into
ways out of the storm.
President Buhari holds emergency meeting
with ministers, experts and stake holders,
on the way out of the nation’s economic
crisis.
The Ministry of Budget and National
Planning had earlier issued a statement
informing the general public about a
planned meeting, where President Buhari,
Vice President Yemi Osinbajo, ministers and
heads of federal ministries, departments
and agencies will discuss steps to get
Nigeria’s economy out of recession and
more.
According to NAN, the federal government
has let Nigerians into some of the details of
the 2017 budget during the retreat for
ministers and some of heads of agencies in
Abuja.
The 2017 budget reportedly contains details
that will boost the economy and get the
country out of recession. The budget, which
has already been approved by the Federal
Executive Council (FEC) but has not yet
been presented to the national assembly, is
focusing largely on pumping funds into
capital projects to get the economy running
again.
Further details from the very crucial
meeting has emerged, with great insight
into President Buhari’s plan to turns things
around for the better regarding the
economy.
Below is a full speech of what Buhari told
his ministers and experts at the emergency
meeting on the economy.
“I am delighted to be here with you at this
Ministerial Retreat on the Economy and the
Budget. The theme of the Retreat which is
‘Building Inter-ministerial Synergy for
Effective Planning and Budgeting in Nigeria’
is very apt and timely, especially as we are
in the process of developing the 2017
Budget.
Over the years, there has been a mismatch
between planned targets and budgetary
outcomes at the National and sectorial
levels. The Federal MDAs have not also
benefited significantly from working
together and building consensus around
common national objectives. This has
impeded growth and development of the
country.
It is in this context that this Retreat has
been designed to discuss issues around the
State of the Economy and build consensus
amongst Cabinet Members and top
Government officials. The Retreat will also
serve as an opportunity to have a general
overview of the economy and discuss the
framework for the 2017 Budget, its key
priorities and deliverables.
READ ALSO: 7 big mistakes that led to
Nigeria’s economic recession
This Retreat is coming at a critical time in
our economic history, when the Nigerian
economy is in a recession, with significant
downturn in performance in various
sectors. It is with regard to the importance
of this Retreat that I decided to sit through
the first part of the session to listen to the
views from experienced economists and
development experts on how best to
implement our plans to rid the country of
its oil dependence and to diversify the
economy and bring the country out of the
current economic recession.
This is in line with our Administration’s
determination to lay a solid foundation for
growth and development as outlined in the
Strategic Implementation Plan (SIP) of our
Change Agenda.
Given that this Retreat is a lead-up to the
2017 Budget, my expectation is that we will
come out of the these sessions with a
determination and common position on
how to have improved synergy amongst the
various Ministries and Departments for the
effective formulation and implementation
of the 2017 Budget.
I also trust that the breakout sessions will
enable you to discuss extensively amongst
yourselves, the details of the four sub-
themes and come up with practical
solutions on the way forward in order to
come out with a set of prioritized projects
and programmes that will fit into the 2017
Budget.
In this regard, let me inform you that
because of the need to focus on our key
priorities, some Ministries may get
significantly less capital allocation than
they received in 2016, while others may get
significantly more.
You may notice that some key non-spending
agencies, such as the Infrastructure
Concession Regulatory Commission (ICRC),
the Bureau of Public Enterprises (BPE), the
National Sovereign Investment Authority
(NSIA) and the National Pension
Commission (PENCOM), are participants at
this Retreat.
This deliberate inclusion underscores the
commitment of this Administration to
leverage on private sector resources,
through Public Private Partnerships (PPP)
and other arrangements, in order to
augment the scarce budgetary resources at
our disposal and to accelerate investments
in building critical infrastructure.
Indeed, the challenges we face in the
current recession require ‘out-of-the-box’
thinking, to deploy strategies that involve
engaging meaningfully with the private
sector, to raise the level of private sector
investment in the economy as a whole.
We are confident that the level of private
investment will grow as we are determined
to make it easier to do business in Nigeria
by the reforms we are introducing under
the auspices of the Presidential Committee
on Ease of Doing Business.
READ ALSO: 4 times Buhari would have
been ‘replaced’ as president and why
Let me reiterate that this Government will
continue to strategize on how we can turn
the current challenges into opportunities
for our nation and especially for our
vibrant youth on whose shoulders lies the
future of this nation.
This is why we have embarked on measures
and actions that will open up the
opportunities we have seen in the Power,
Housing, Agriculture, Mining, Trade and
Investment, Information Communication
Technology (ICT) Sectors, Tourism,
Transport and other sectors.
I wish to reassure its teeming youth that
this Government would remain steadfast in
its effort to ensure greater progress and
prosperity for you.
While Government is taking the lead in the
task of repositioning our economy for
Change, we cannot achieve this completely
by ourselves.
We will need, and we ask for the support
and cooperation of the private sector’s
domestic and foreign investors, the States
and Local Governments, the National
Assembly and the Judiciary as well as all
well-meaning Nigerians in this important
task. We are confident that working
together, we shall succeed.
Finally, I trust that the cabinet members
will learn from the experiences of the
Resource persons and facilitators to
prioritise their sector programmes and
projects to bring the country out of the
current economic recession and place it on
the path of growth and development.
I therefore urge the Honourable Ministers
and other senior government officials here
present, to actively participate in the
Second Technical Session, which I believe
will provide you with deeper insight into
the complex issues that will open
opportunities for you to identify critical
priority projects and programmes for the
2017 Budget.
At this juncture, may I formally recognize
and acknowledge the presence of the array
of experts invited to serve as resource
persons and facilitators at this Retreat. I
am confident that Ministers and Senior
Government officials will benefit immensely
from your expertise and wealth of
experience.
I wish you all fruitful deliberations and look
forward to receiving the report of the
Retreat.”

https://www.naij.com/969473-revealed-buhari-told-experts-ministers-emergency-meeting-economy.html

doing the same thing and expecting a different result is Taste the power of change and expect something different. It's not in the number of people nor the meeting frequency.....it's the type of people gathered...unfortunately those in present cabinet may not have the solution

In 2015 he let us into the secret of the 2016 budget but till today we have not seen anything about the 2016 budget which could actually pass as a ghost budget

The same set of super clueless fellas that ran the economy aground are the same people discussing the way out? Tell me that this country is continually sick. What are the contributions of sound economists like Pat Utomi,Charles Soludo, Ngozi Okonjowela, Sanusi Lamido Sanusi,Tony Emelelu,etc in this so called economic summit? Anything short of this mean we're still far from it.

I am sure that baba will leave Nigeria better than he met her

U marvel when u hear these people always talk of 2017, when absolutely nothing has been done in 2016, seems these people are living in the future.

in oda words, nigerians should endure hunger till 2017 wat happen to 2016 budget just wait a new term ''budget rowing'' will emerge n characterize 2017 budget where d circle of budget disapearing in d national assembly will continew.
as it stands now, 2016 budget implementation will be on record as d worsest budget eva since dis scam nigeria was forcedfully formed by lugard (may his soul rest in pieces) in 1914.

sarrki:
I am sure that baba will leave Nigeria better than he met her

Are you in tune with the reality in Nigeria @ present? Perhaps hardship is yet to reset your reasoning.

Paperwhite:
Are you in tune with the reality in Nigeria @ present? Perhaps hardship is yet to reset your reasoning.

He is getting there small small ..in the past he would have come here ranting sai Baba but today he has shown his doubt in Buhari by saying "he is sure"..he is already having doubts

SMH.

idupaul:
He is getting there small small ..in the past he have come to here ranting sai Baba but today he has shown his doubt in Buhari by say "he is sure"..he is already having doubtss

small small,OK.....

bonechamberlain:
U marvel when u hear these people always talk of 2017, when absolutely nothing has been done in 2016, seems these people are living in the future.

You dey mind them,come 2017 they will talk of 2018 again this is a prove that they are as clueless as the last govt if not more sef...

The same way they will rout for 2019-2023 when they nothing to show nd some afonjas would be screaming sai Baba...

Sai akpa amu nu...

Lemme read all first

If we are really serious about getting the country out of recession, we need to get technocrats to sit and discuss on the fastest way to get out of this mess, not those same ministers that would be afraid to tell PMB the truth.
Just get external technocrats for help or else it will take us very long time to get out of the current situation.

Olodo govt, olodo president, olodo ministers. Body odour d smell. Mtcheew

Paperwhite:
Are you in tune with the reality in Nigeria @ present? Perhaps hardship is yet to reset your reasoning.

Better thank God you are able to access the internet. The recession is real

In all these, i pity myself that my naira is almost worthless.

But in a special way, i pity those that believed in Buhari and voted for him in 2015 and also those that hope in him, praying day and night that Buhari should do some magic that will make his reign better than his predeccesor's in order that they can save their faces and have mouth before their people.

Paperwhite:
The same set of super clueless fellas that ran the economy aground are the same people discussing the way out? Tell me that this country is continually sick. What are the contributions of sound economists like Pat Utomi,Charles Soludo, Ngozi Okonjowela, Sanusi Lamido Sanusi,Tony Emelelu,etc in this so called economic summit? Anything short of this mean we're still far from it.

most of the people you quote up there are the real reason we are in this mess, there are way better economist in the academic world, not the television economist or political economist.