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NEWS: Minister seeks APC support on implementation of ERGP





The Minister of Budget and National Planning, Sen. Udoma Udo Udoma has solicited the support of the APC and other stakeholders for the full implementation of the Economic Recovery and Growth Plan (ERGP).



Udoma made the call in during the presentation of ERGP 2017 to 2020 and the 2017 report, presented by his Media Adviser, Mr James Akpandem on Thursday in Abuja.

Udoma gave the presentation to the members of National Working Committee of APC on the 2017 Budget on the effective implementation of the ERGP to pull the economy out of recession.

The presentation was part of the ministry’s ongoing stakeholders enlightenment programme on ERGP.


The report projects that Nigeria will make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020.

The key areas are stable macro-economic environment; agriculture and food security; ensure energy sufficiency in power and petroleum products; and drive industrialisation, focusing on Small Medium Enterprises (SMEs) as well as improve transportation infrastructure.

The minister said the support of the party would go a long way in achieving the objectives of the plan, starting with the 2017 budget.

“Implementation of the 2017 budget will be targeted at achieving the objectives of the ERGP and delivering on the promises of the APC and of Mr President.

“The ERGP is a plan for all Nigerians and we need the cooperation of all for its success.

“Particularly, the support of the party’s hierarchy is required to ensure delivery of the plan,” he said.



According to him, the ministry will continue to strengthen its monitoring and evaluation framework, covering physical inspection, verification and impact assessment of projects and programme   implemented by Ministries Departments Agencies (MDAs).

Udoma said that the 2017 Budget was the first in the life of ERGP Implementation.


“The 2017 Budget Macro Framework is derived from the ERGP.

“Much of the capital provision in the 2017 budget is directed at projects that are aligned with the core execution priorities of the ERGP.

“The 2017 Budget is designed to expand partnership between public and private sector as well as development capital to leverage and catalyse resources for growth,’’ he said.

The minister, however, highlighted some important areas of the 2017 Budget Framework to APC leadership.

“Total revenue is projected at N5.08 trillion, exceeding executive proposal by 2.9 per cent.

“Oil revenue projections (41.7 per cent) of Federal Government Revenue Budget is 6.9 per cent higher than Executive Proposal.

“Eleven per cent of projected revenue expected from recoveries of looted and misappropriated funds and fines,’’ he said.

According to him, 2017 Federal Government spending is estimated at N7.441 trillion.

He said that debt service and provision to retire maturing bond to local contractors were retained at N1.66 trillion and N177.46 billion, respectively.

“Recurrent (non-debt) spending is almost held constant at N2.99 trillion.



“However, capital expenditure including capital in transfers grew by 5.3 per cent.

“Thus, additional revenues were deployed to capital projects.”

Udoma further said that overall budget deficit was N2.356 trillion, which represented 2.18 per cent of Gross Domestic Product (GDP).


He said that projected deficit was within 3.5 per cent of GDP threshold stipulated in the Fiscal Responsibility Act (FRA) 2007.

“Budget deficit is to be financed mainly by borrowing N2.32 trillion from domestic sources of N1.25 trillion while foreign sources will be N1.06 trillion.

“A total of N35 billion expected as revenue from sales of government property and privatisation proceeds,” the minister said.


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