2017 Budget Cannot Solve our Economic Problem – Osinbajo

More troubles await Nigeria printers in the new yaerv2017 as Nigeria’s Vice President Yemi Osinbajo claims the annual budget of Seven Trillion Naira proposal by the Federal Government may not resuscitate the ‘almost dead’ economy.

Osinbajo who spoke in Sagamu, Ogun State when he recently led a group of government officials to inspect some food process factory built by Honeywell Group and the Shea-Butter Factory owned by the Lad Group, called for increased partnership between public and private sectors to create more jobs for the teeming unemployed youths in the country adding that federal government of Nigeria on its part was committed to creating an enabling environment and providing required infrastructure for businesses to thrive.

The Vice President who submited that serious partnership with the private sector was one of the ways of ensuring diversification of the economy said even with the proposed N7 trillion budgeted for 2017, the economy may not feel the impact.

According to him, “The Federal Government very strongly believes that there is no way of delivering on our economic agenda without a serious partnership with the private sector. “Our entire budget size for 2016 is something in the order of just over six trillion Naira, and we will probably be moving to about seven trillion in the 2017 budget”.

“But seven trillion is certainly not the kind of money, it does sound like a fair amount of money, but certainly, it’s not the kind of size that can really make a huge difference in a ninety trillion Naira economy such as we have. So the real issue is that, the contribution of the Federal Government, is catalytic, the Federal Government can only make some catalytic contributions in terms of infrastructure, and some incentives for the private sector”.