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The federal government said that despite the economy having been on the right path for some time now consistently, its impact on people’s lives has yet to be fully manifested.
He therefore assured Nigerians that concerted efforts were being made to ensure that the rate of inflation, which had been on a downward trend, would be brought down as the government continued to work on ways to revive the economy. ‘economy.
The Minister of State for Budget and National Planning, Mr. Clement Agba, gave the assurance during a briefing to State House correspondents at the end of the Federal Executive Council (FEC) virtual meeting chaired by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
The Minister said he briefed the council on the latest performance figures released by the National Bureau of Statistics (NBS).
He said the economy was making a lot of progress, given its consistently good performance lately, noting however that whether the positive indicators had had the desired impact was another matter.
Citing the National Development Plan 2021-2025, he said work to revive the economy was an ongoing process, although he said he could not provide a specific timetable for reducing inflation to a low. level that would have a positive impact on all Nigerians.
The minister, who was answering questions from journalists, said: “Firstly, you say that the figures that have been given show that there is a positive trajectory in terms of the economy. I think we first need to understand what GDP itself means. It is the total value of goods and services, it is an indication of what is happening in the economy, when you have more to spend, more transactions are taking place.
“That means the economy itself is growing and if it’s declining, and you have such a negative decline in two quarters, then we’d say you’re in a recession.
“NBS has always given these numbers, whether positive or negative, and then we compare them either on a monthly basis or on an annual basis.
“Then we also have what those annual numbers are, which tend to show us or indicate whether we are making progress or not.
“What these numbers show is that there is steady progress going on. Whether it’s far enough, it’s a different ball game.
“That’s why you see in the National Development Plan 2021 to 2025, we are looking for a growth rate of 5% on average. We’re not there yet, but it’s starting to head towards that trajectory.
“So please bear with us. We will do our best to minimize the inconvenience. Once the road is complete, rest assured that the current inconvenience was well worth the wait and the experience.
The Minister said that the FEC had approved contract awards worth about N58 billion for projects under the Ministry of Works and Housing and the Ministry of Humanitarian Affairs, Social Development and Management disasters.
He said that his ministry had an approval for the termination and reassignment of the 49 kilometer section of Abaji road in Kotokarfi, which is part of the Abuja-Lokoja highway, to Messrs. Galt for N56.175 billion.
He further said that the FEC has also approved the revision of the Afo-Apoto-Oyo border road contract at Kwara in the amount of N251,530,000, which revised the contract amount from N3,060,000,000 to N3,311,000,000.