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FG Releases Economic Agenda For 2016
The Federal Govern
ment has given the direction it will take to run the economy in 2016.
According to the federal government, it will fully implement the 2016 budget so as to recover from the slowing GDP growth and to forestall the remote possibility of recession.
A statement from the Ministry of Finance, yesterday, said the Minister of Finance Mrs. Kemi Adeosun made the declaration in an article she wrote.
According to the statement, the finance minister noted that the focus of the current administration is to stimulate the economy and achieve a real GDP growth rate of 4.2 per cent by the implementation of the draft 2016 budget.
Adeosun added that “the administration is also determined to reduce the cost of governance, extract efficiencies in public service and enhance revenue collections. The administration plans to increase government expenditure on infrastructure i.e. Transport, Roads, Housing and Power with a view to achieving a substantial increase in gross capital formation and to fund the budget deficit and the negative trade balance in a cost effective and efficient manner, which will keep the government within the acceptable debt sustainable ratio that is expected of most emerging economies.”
The minister, who acknowledged the impact of the sliding oil prices on Nigeria’s economy said, “our main macroeconomic objective is to use a government expenditure-led growth strategy in 2016, combined with a stimulant approach based on injections of more efficiently collected revenues and blocking of leakages. The combination of these fiscal injections will have a catalytic multiplier effect on the GDP growth rate.”
“The budget deficit is estimated at N2.2trillion or 2.16 per cent of GDP based on an estimated benchmark oil price of $38pb. In view of present realities and the dynamics in the global oil markets, we have braced ourselves for the probability of a further decline in oil prices,” she said.
Though the government believes the average price of oil in 2016 will recover, “we have developed a shadow budgeting process with tactical responses to build in the flexibility in our borrowing needs. This way, we will not undermine the fundamental principle of the economic stimulus model used by countries facing a contraction in economic activities and growth,” the finance minister said.
Adeosun pledged the resolve of the current administration to go ahead with its robust commitments on infrastructure despite the present oil price.
She said, “We are firmly committed to the countercyclical budget expenditure model. Therefore we will not reduce our investment in infrastructure i.e. Transport, Roads, Housing and Power. Our deficit will expand by N0.8trillion to N3trillion, which will be 3per cent of GDP. This is still within the comfort zone for the international rating agencies.”
The Mayor of Housing, My-ACE China, has teamed up with a renowned hospital group in Port Harcourt, the Meridian Hospitals, which is in partnership with the Pilgrims Health Foundation, to carry out a one-day medical outreach last Tuesday.
The free treatment scheme took place at Oromenike Government Girls Secondary School in D-Line, Port Harcourt, with over 100 persons accessing free treatments, including free eye-glasses and booking for eye surgeries.
Other areas of treatment included general health consultations and treatment; blood pressure and sugar level testing; malaria testing and treatment; free prescriptions; preventive health talks focusing on hygiene, maternal health, and nutrition.
The scheme was conducted under the theme: ‘Bringing Healthcare to the Community.’
Newsmen who visited the venue of the scheme found that enthusiastic beneficiaries had thronged the area as early as 7a.m. After setting up, the medical team began attending to the patients.
Mr. Jerry Onwuso, a 63-year-old patient, who was first to see eye doctors and got eye glasses and drugs, told newsmen that he was pleased with the medical intervention.
He made it clear he did not pay any money to get all the treatments and glasses, and pleaded that the scheme be sustained.
Another patient, Loveth Sam, expressed satisfaction with the scheme and appealed to the sponsors to continue to increase the benefits.
Throwing some light on the scheme, Mr. China said he worked in Meridian Hospitals as a Lab. Scientist 19 years ago, but resigned because he could not bear to see patients struggling for life because they had no money to pay for treatment.
He said he came back to help extend free medical treatment to the less privileged.
Sources said China was always having issues with the hospital authorities when he would insist on critical patients being allowed to be treated first, with or without money.
Years later, China, who now goes by a brand name, the Mayor of Housing, returned to the Meridian Hospital headquarters to support free medical scheme.
He also went the next day to the headquarters of Meridian, after the one-day medical outreach, to give cash gifts and palliatives to workers he met when he worked there but had remained in service since he left.
He encouraged them to continue to give their all to humanity through the hospital. The Mayor of Housing called most of them by name and a cloud of emotions descended on them during the reunion.
Appreciating the gesture, the Founder and Chief Medical Director, Dr. Iyke Odo, said China had always manifested hard-work, ambition, and impulsive giving.
According to him, the then young bright boy was full of humanity, kindness, love, and made friends easily, adding that “not everybody that gives is a giver. The difference is that givers are given to give.”
Dr. Odo used the opportunity to call on governments to review Nigeria’s health insurance system and make it work in Nigeria to save lives.
He said it was sad watching critically sick persons abandoned because they did not have money for treatment.
He also condemned harsh tax and electricity tariffs whereby facilities like his now pay N12 million instead of N500,000 few years back.
He wondered why hospitals were being made to pay tariffs like oil companies, citing many other countries where medical facilities were placed on low rates and tariffs so they could charge moderate fees from patients.
The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.
The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.
Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.
The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.
She urged the beneficiaries to engage in activities that will make them find joy in old age.
“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.
On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.
She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.
Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.
