Modupe Gbadeyanka
By Modupe Gbadeyanka
Federal Government has released an economic recovery plan, which it aims to lead Nigeria out of recession.
The plan, released on Tuesday by the Minister of Budget and National Planning, Mr Udoma Udo Udoma, is tagged ‘Economic Recovery and Growth Plan (ERGP) 2017-2020.’
The Minister, in a statement issued by his media aide, Mr Akpandem James, said he expects the economy to climb out of recession and grow 2.19 percent this year.
He said further that the economic plan focuses on achieving macroeconomic stability and economic diversification by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade.
Mr Udoma said government eyes self-sufficiency in rice by 2018 and in wheat by 2019 or 2020, and hopes to be a net exporter of rice, cashew nuts, groundnuts, cassava and vegetable oil by 2020, according to the plan.
According to Mr Udoma, the ERGP targets increase in export earnings and government revenues by an additional N800 billion a year, while oil production is expected to rise to 2.5 million barrels per day and for Nigeria to become a net exporter of refined petroleum products by 2020.
The FG also said it expects to earn N35 billion from the sale of some national assets, including oil joint ventures, and reducing stakes in other oil and non-oil assets, while it would review and possibly remove a ban on accessing foreign exchange for 41 goods and services.
According to the Minister, the FG expects its tax collection to improve by N350 billion per annum, in part, by boosting a luxury goods tax to 15 per cent in 2018 from its current rate of 5 per cent.
The goal is to increase the overall tax to GDP ratio to 15 percent from 6 percent between 2017 and 2020.
