Economic Sustainability Plan Grows GDP By 5%, SGF Claims

THE Secretary to the Government of the Federation, Boss Mustapha, has said the government’s economic sustainability plan helped Nigeria out of recession with more than 5% Gross Domestic Product (GDP) growth.

The Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, said in a statement that the reforms being undertaken by the Federal Government in the oil and gas industry would place the country on the path to sustainable economic development.

He said the Federal Government had achieved significant progress in the passage of the Petroleum Industry Act which seemed like dream that would never come to be, despite various unsuccessful attempts to enact the law in the sector.

He said, “The last time we had this exercise was in 1969- from 1969 to date nothing has happened dramatically in the oil and gas industry. The Act has brought to fore the liberalisation of the oil and gas industry. I believe with the time limit of one year from its implementation, we would be able to see the accruable benefits to the Nigerians.

“Despite the challenges posed by the outbreak of the COVID-19 pandemic, the visionary leadership of President Muhammadu Buhari was able record modest achievements by constituting the Presidential Task Force on Covid-19 which metamorphosed into the Presidential Steering Committee on Covid-19 and thus provided the roadmap for the Economic Sustainability Plan.”

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He added that the policy helped Nigeria to improve the economy with about 5% growth.

The SGF stated that Nigeria would collaborate with OPEC so as to get the necessary support and guidance in the implementation of the Act for economic sustainability and growth.