Tag Archives: Udoma Udo Udoma

We are not responsible for this economic situation, says FG

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The federal government says it is not responsible for the current economic situation of the country.

 

Udoma Udo Udoma, minister of budget and national planning, said this on Thursday, describing the government of President Muhammadu Buhari as a rescue team.

 

Udoma spoke after the national economic council (NEC) meeting which Vice-President Yemi Osinbajo presided over at the presidential villa in Abuja.

 

“We are not responsible for the current economic situation we find ourselves. We are actually a rescue team; a team working on rescuing Nigeria from the position we find ourselves in,” he said.

 

“Under President Muhammadu Buhari, we are determined to take Nigeria out of the situation. The situation started long before we came.

 

He also explained that the economic team of the current administration consisted of persons with political responsibility for the ultimate policy decisions.

 

He added that the technical work was done by people in various organs of government, and that the administration had consulted with economists from Nigeria, while the political decision is taken by the elected officials who are politically accountable.

Udoma Udo Udoma: Nigeria needs oil to get out of oil-propelled economy

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Udoma Udo Udoma, minister of budget and national planning, says Nigeria needs revenue from crude oil to diversify its economy.

In a statement issued by Akpandem James, his media aide, on Thursday, the minister said the country’s immediate priority was to get oil production output back to the desired level to secure revenue needed to diversify the economy.

He told the United Nations Development Programme (UNDP) regional director for Africa, Abdoulaye Mar Deiye, in Abuja, that “although the country is focused on diversification of its economy, it needs oil to get out of the oil-propelled economy”.

He explained that though the global slump in oil prices introduced some shocks that affected the country’s economy, the immediate reason for the slump into recession was the massive reduction in output caused by militancy in the oil-bearing Niger Delta region.

While exploring a number of engagements that would ensure the return of normal production activities in the region, Udoma said government was intensely focused on a long term economic agenda that would ensure sustainable economic growth and development.

He also briefed the visiting UNDP regional director on the National Economic Recovery and Growth Plan (NERGP) that is currently being finalised by the federal government.

Her acknowledged the support of the UNDP, particularly in the area of technical assistance, including capacity building and the humanitarian situation in the northeast.

In his response, Deiye expressed delight that the ministry of budget and national planning was given the coordinating role of the situation in the northeast and indicated the UNDP’s willingness to support the ministry to ensure success in its defined goals.

He said UNDP was aware of the current complexity of the situation in Nigeria, particularly with respect to the security challenges and the oil price collapse, stating that the fall in oil price which is the country’s main source of revenue had also affected budget implementation.

Despite these challenges, he acknowledged that Nigeria still remains the largest economy in Africa.