Acting President Yemi Osinbajo yesterday said Nigeria can still progress despite its challenges.
According to him, Nigeria will experience turn around in the next 18 months if the government remains focused.
Prof. Osinbajo spoke in Abuja during the Presidential Quarterly Business Forum at the old Banquet Hall of the State House, Abuja.
The Acting President also said the private sector’s involvement was critical to Nigeria’s growth.
He said: “Despite these problems, progress is still possible. But as we tackle the problems, it’s really like propelling a car while the engine is still running. That’s really what we need to do.
“And while this vehicle of ours is moving forward, we must be doing the repairs at the same time. We cannot fold our arms and say there is a problem with power. And we look at India, 40 percent of the firms generate their own power. Yet they have the difficulties that we have but they are making progress despite those constraints.
“And I think that we also can make progress despite our constraints. The way to do it is simply what India and any other country will do. It is the commitment to ensuring that we incrementally make this progress. And that commitment must come from government and of course, the private sector. What we have done is that we have identified certain critical things that must be done.”
“We know that there are certain things that if we do them, they will move the needle no doubt whatsoever. And those things are one, just as a general thing, stabilising the macro economic environment, second, energy sufficiency, power and petroleum, improving transportation infrastructure, achieving agriculture and food security.
“On each and every one of these items, certainly progress is being made, and of course fighting corruption, controlling government expenditure, controlling leakages and all of that. On everyone of these items progress is being made,” he said
Osinbajo recalled that when President Muhammadu Buhari launched the Economic Recovery and Growth Plan (EGRP) in April, one of the things that was emphasised was where Nigeria was heading.
“And, I think that we have the discipline to be able to do so, but this is a complex environment, it’s a complex economy.”
He said Nigeria was fortunate to have a leader like President Buhari, who is straightforward, honest and committed to ensuring government expenditure is spent right.
“To that extent, I think we have the right environment at least in terms of government discipline and all of that, to be able to deliver on the promises that we have made. And all I will just want to say to the private sector is, be sure that we have enough willing and able partners. There is no way we can ever be perfect. I mean government is a behemoth, where there are so many problems and issues.
“But, do not doubt for one moment at all, our commitment to ensuring that we are able to deliver on the promises that we have made.
“Day after day, night after night, we are working on these things. Practically every night we work on these issues. I believe very strongly that Nigeria will turn around. I have no doubt in my mind that if we are focussed even in the next 12 to 18 months, if we are focused, we will certainly see a turnaround. And I really would want you to join us in being able to ensure that this happens to the economy.”
Finance Minister Kemi Adeosun said government could not provide essential services because of the budget size, which she described as too small.
The budget, which is six percent of the Gross Domestic Products (GDP), she said, is the lowest in Sub-Saharan Africa and one of the lowest in the world.
She said: “Our budget size is too small and that means we can only pay salaries in some cases and we don’t have money to deliver essential services.
“There simply isn’t enough money in government to do what government wants to do. Our budget size is too small and what does that mean? It means we can pretty much pay salaries but we cannot deliver essential services.”
According to her, this resulted from not paying enough tax.
Speaking to State House correspondents after the meeting, Ismaila Isah Funtua, Vice Chairman, Mainstream Energy Solution, said the government must increase electricity tariff to have uninterrupted power supply.
He said Electricity Generating Companies (GENCOs) declined to speak openly at the meeting with Osinbajo because they believed that serious decisions could not be taken there.
He said: “We asked for a private meeting where serious decisions could be taken and whether government likes it or not, they have to review the tariff of power in this country.
“All those playing politics with it that they do not want to increase, people do not want to hear of this.
“This is my cell phone, you pay for it even before you make use of it. And nobody is controlling their tariff, they charge what they want and all of us we have at least one cellphone.
“Therefore, government needs to do the needful. If government wants power, then they cannot continue subsidising for people.”
Egbin Power Plc Managing Director Kola Adesina regretted that the country was celebrating the generation of only 4,000mw.
He said “A nation as great as ours should not be celebrating 4000megawatts. That is ridiculous to say the least. So, everyone of us, the public and private sector, must get down and ensure that we rapidly grow the system, that value chain, to ensure that we steadily grow to the extent to enhance availability of supply to our people.”
