Why Nigerians Are Not Feeling Impact Of Economic Growth - Minister
Senator Udoma Udo Udoma

Minister of Budget and Planning Udo Udoma has said Nigerians are not feeling the impact of the economic growth because the Gross Domestic Product is growing slower than the population.

Udoma said that with the plans of the Buhari administration on the economy, Nigerians would soon begin to feel the impact of the growth in the economy.

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He told Vanguard that “I know many people have been saying that they are not feeling the impact of the growth.

“It is because when the population is growing at 2 to 3 percent until the GDP is growing at a much higher rate than that, you will not feel the impact. But the direction of growth is very positive and we are encouraged by the direction of movement.

“We also shared with them some other indices. Our exchange rate is stable, our foreign reserves are growing.

“It grew from, as low as $26 billion in 2016 to now somewhere around $44 billion. There were also issues about the vulnerabilities, the issues of debt.

“But when you look at the situation of our debt, it is not bad at all. Our debt/GDP is about 19 per cent. The average for sub-Saharan Africa is about 57 per percent.

“So ours is quite moderate. Our debt is sustainable. We are concerned about our revenues. So we have been trying to raise our revenues.

“So far, the numbers from the FIRS shows that our tax collection: both oil and non-oil is about 30 to 35 percent higher than it was, last year.

“That is good, although we would like to do much better than that. We spoke to investors to continue to see Nigeria as a good place to do business.”