President Muhammadu Buhari yesterday said his administration “as at today save about N120 billion from elimination of ghost workers from government payroll and another N108 billion from bank charges following implementation of Treasury Single Account (TSA).” Buhari, who was speaking at the conferment of the National Productivity Order of Merit Award on 15 Nigerians and five companies, said programmers put in place by the current government has begin to yield fruits as shown in the decline of the rate of inflation to 12.5 per cent as at May 14, 2018. President, the recession witnessed by Nigeria in 2016 was as a result of the over dependence on a single commodity by Nigeria and the unprecedented looting of the nation’s treasury, adding that the current challenge before the government is how to sustain the recovery and ensure growth.
He said: “As you are already aware, our country, recently witnessed a tough economic period of recession attributed mainly to over dependence on a single export commodity as well as the unprecedented looting of the treasury. With our determined fforts, we were able to exit recession.
The challenge before us now is how to sustain the recovery and ensure growth.
“The Economic Recovery and Growth plan (ERGP) of this administration targets a seven per cent growth rate by 2020, driven by strong none oil sector growth in agriculture, solid minerals, manufacturing, information technology and services.” Continuing, he said: “Our foreign reserve has risen to $47 billion as at April 9, 2018, as against $29.6 billion in May 2015.
The inflation rate had dropped to 12.5% as at May 14, 2018, making it the 15th consecutive month of fall. The implementation of the Treasury Single Account (ISA) has stopped the pilfering of the Treasury. “Some N108 billion has been saved from Bank charges. Over N120 billion has also been saved from the elimination of ghost workers in the public service.
We have also made steady progress in our diversification programme, especially in agriculture and mining. “We want to rebuild Nigeria into a competitive, virile, strong and productive economy; a state whose citizens are creative, innovative, responsive, accountable, incorruptible, patriotic and diligent.” On the fight against corruption, the President said: “Corruption is an anathema to productive growth of any economy. We must leave no stone unturned in tackling the monster. Corruption is dangerous and cancerous to the nation, and this administration is prepared to exterminate it. We are, therefore, resolute in our commitment to fight corruption in all its virulent forms in our national life.”
“In this regard, government has approved the conferment of the National Productivity Order of Merit Award for 2018 on 15 individuals and five organisations whose names and citations would be read out shortly
