President Muhammadu Buhari says the Federal Government has saved N108 billion from bank charges following the implementation of the Treasury Single Account (TSA).
He adding that over N120 billion was also saved from the elimination of ghost workers in the public service.
Buhari made this disclosure on Tuesday at the conferment of the National Productivity Order of Merit Award on 15 Nigerians including the Head of the Civil Service of the Federation, Winifred Oyo-Ita.
He noted that the programmes put in place his current administration has started to yield fruits as shown in the decline inflation rate to 12.5 percent as at May 14.
The president explained that the recession witnessed by Nigeria in 2016 was due to over-dependence on a single commodity and unprecedented looting of the nation’s treasury.
According to him, the current challenge before the government is how to sustain the recovery and ensure growth.
He said, “As you are already aware, our country, recently witnessed a tough economic period of recession due mainly to over-dependence on a single export commodity as well as the unprecedented looting of the treasury. With our determined efforts, we were able to exit recession. The challenge before us now is how to sustain the recovery and ensure growth.
“The Economic Recovery and Growth plan (ERGP) of this administration targets 7 percent growth rate by 2020, driven by strong non- oil sector growth in agriculture, solid minerals, manufacturing, information technology and services.
“Our aim is to change our narratives from an import-dependent, consumption- driven and undiversified economy to a producing nation where we grow what we eat and consume what we make. Our effort in this regard is beginning to pay off as most indices by which an economy could be measured are looking bright.
“Our foreign reserve has risen to $47 billion as at April 9, 2018, as against $29.6 billion in May 2015. The inflation rate had dropped to 12.5 percent as at May 14, 2018, making it the 15th consecutive month of fall. The implementation of the Treasury Single Account (TSA) has stopped the pilfering of the Treasury.
“Some N108 billion has been saved from bank charges. Over N120 billion has also been saved from the elimination of ghost workers in the public service. We have also made steady progress in our diversification programme especially in agriculture and mining.”
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