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 senatorial 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.
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.
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.
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 priorities 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 Honorable 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.
I wish you all fruitful deliberations and look forward to receiving the report of the Retreat.
Thank you.
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