Presidential Research & Communications Unit

Govt. reassures world financial meltdown won't disrupt Seven-Point Agenda

The Federal Government on April 2, 2009 reiterated its resolve to give priority to the realization of the Seven Point Agenda, even in the face of dwindling resources at its disposal and the Global Financial crisis.

President Umaru Musa Yar'Adua in a message to members of the Nigerian Guild of Editors at the opening of All Nigerian Editors' Conference in Kaduna said that the strategy of government is to give precedence on those sectors that will ease the revival of the economy and bring immediate relief to the vast majority of Nigerians.

The President, Represented by the Minister of State for Information, Alhaji Ikra Bilbis, noted that "in spite of its dwindling resources, government remains focused on erecting the building blocks for the attainment of our economic vision. We are determined to reverse the decay in our infrastructure as the basis for the development of our economy; and this determination is reflected in the 2009 Appropriation Act”.

According to him, the country has devoted N460 billion of this year's capital expenditure, representing 93 per cent, "to the revival and strengthening of critical infrastructure, including power and transportation."

Acknowledging that these are trying times with multiple challenges arising from the attendant grave consequences of the global recession, President Yar’Adua further said: “for us in Nigeria, we have felt the impact of the recession as our earnings from oil have declined sharply due to a combination of falling prices and production quota. While this situation has adverse implications for our economy, government has taken wide-ranging measures to mitigate the impact and to ensure that actualization of our mission remains on course."

He assured the editors that government’s strategy will yield results because it has generated a performance-based budget with clear targets and time lines; adding that all ministers have been given authority to incur expenditure without compromising due process.

"We are committed, within the next eight months, to substantial improvement in power supply, transportation, including roads and railways, security, agriculture, healthcare, education and the Niger-Delta. Indeed for the first time in several years, government's appropriation has been tailored to meet specific goals as all ministries have been given specific targets to deliver by the end of the year when it is hoped Nigerians will begin to enjoy a measure of stable electricity," he added.

President Yar’Adua affirmed that the success of his administration in delivering quality service to Nigerians by the end of this year, " will go a long way to strengthening the confidence of the people in governance and deepen their faith in democracy."

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