News
‘Generator economy’ won’t give Nigeria $1trn GDP by 2023 – NESG tells Tinubu
The Nigerian Economic Summit Group has told the present federal government under President Bola Ahmed Tinubu that the $1 trillion Gross Domestic Product growth target by 2030 is not attainable with a ‘generator economy’.
The chairman of NESG, Niyi Yusuf, disclosed this on Sunday while delivering a pre-Ramadan lecture organised by the University of Lagos Muslim Alumni (UMA).
According to him, 46 per cent of Nigeria’s population cannot access electricity.
He stressed that growth would not happen until the country solved the electricity supply issue.
He said for the country to achieve a $1 trillion economy, it must drive foreign direct investments (FDI), tame inflation and tackle foreign exchange volatility.
READ ALSO: Generator Fumes Kill Five-Month-Old-Baby, Mother In Ondo; Husband In Coma
He added that the government must block fiscal leakages in key government agencies, including the Central Bank of Nigeria, the Nigerian Petroleum Company Limited, and the Federal Inland Revenue Service.
“We must stabilise our economy, tame forex volatility and inflation rate. The government must block all fiscal leakages in the CBN, NNPC, and FIRS, and we must increase our tax-to-GDP ratio.
“Also, we must support local businesses and invest in digital infrastructure.
“We must track budget allocation. Our capital expenditure must be more than the recurrent and debt servicing; otherwise, we are not progressing.
“Again, growth will not happen until we solve the electricity supply issue. Presently, only 46 per cent of the population has access to power. We can’t run on a generator economy”, he said.
-
Crime6 days ago
Police officer kills man with teargas canister
-
Business3 days ago
UPDATE: House Divided: How N430 Billion Loss Tore Zenith Bank Apart
-
Politics6 days ago
Ogidi Calls for Arrest of Ikwerre LG Chairman for Threatening Gov. Fubara
-
News6 days ago
Two Friends Missing After Travelling From Port Harcourt To Abia To Visit A Facebook Male Friend
-
Entertainment6 days ago
Junior Pope’s family visits Ruby Orjiakor to express gratitude for her exceptional funeral support
-
Politics6 days ago
Peter Obi Can Not Lead Nigerians- Wole Soyinka
-
Politics3 days ago
Rivers Power Tussle: Pro-Fubara Lawmakers Ask INEC To Immediately Conduct Election To Replace Wike’s Allies At Assembly
-
News6 days ago
More Trouble for Soludo as Court Restrains AG,Minister Of Finance from Remitting 21 LGAs Allocation