Minister of Budget and National Planning, Udoma Udo Udoma, on Wednesday assured that the current economic recession in the country will end in 2017.
He said this during a chat with State House correspondents at the end of the Federal Executive Council (FEC) meeting in Abuja.
He said: “Yes we are determined to get the economy out of the recession before the end of this year. And the 2017 budget is structured to do just that.
“So, that is why we are anxious to get the budget passed so that we can begin the implementation and begin to take all the steps we need to get the economy out of recession.”
Udoma also disclosed that his ministry briefed the Council on the recently released National Bureau of Statistics Third Quarter GDP Report and the full report on 2016.
He added: “I also informed council on the release of the Economic Recovery Growth Plan which is already on the website of the Ministry of Budget and National Planning as well as the budget office.
“We look forward to the early passage of the 2017 budget so that we can fast track the implementation of the plan. As you know the plan fed into the 2017 budget. Many of the initiatives in the plan are reflected in the budget.
“With regards to the NBS report, as you are aware the fourth quarter of the economy contracted by 1.3 per cent which is lower level of contraction than the previous year and which indicates that we are already turning and we are beginning to recover even though we are still in recession.
“And the overall result was better than what many people projected. The IMF report had thought the GDP for 2016 was going to be -1.8 per cent and it turned out -1.5, so that’s better than expected but we are not out of the woods.
“It is encouraging but we have to do and continue to do more to make sure that we get the economy out of the recession this year.”