{"id":53133,"date":"2016-09-13T18:00:12","date_gmt":"2016-09-13T17:00:12","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=53133"},"modified":"2016-09-13T18:00:12","modified_gmt":"2016-09-13T17:00:12","slug":"economic-success-recorded-jonathan-fueled-consumption-lai-mohammed","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/economic-success-recorded-jonathan-fueled-consumption-lai-mohammed\/","title":{"rendered":"Economic Success Recorded By Jonathan Fueled By Consumption-Lai Mohammed"},"content":{"rendered":"<p>Minister of Information and Culture, Lai Mohammed, <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1274848187\"><span class=\"aQJ\">Tuesday<\/span><\/span> said Nigeria\u2019s<br \/>\nover-dependence on oil is to blame for the recession the nation\u2019s economy<br \/>\nis passing through.<\/p>\n<p>He said the economic successes recorded by the Government of President<br \/>\nGoodluck Jonathan was fueled by consumption and not by investment or<br \/>\nproduction.<\/p>\n<p>Mr. Mohammed made the assertion at a news briefing at his residence in<br \/>\nOro, Irepodun Local Government Area in Kwara State.<\/p>\n<p>He said the prevailing economic situation was not about trading blames,as<br \/>\n\u201cthose who understand knew that this recession was bound to happen in such<br \/>\ncircumstance\u201d.<\/p>\n<p>He said the crash in global price of oil exposed the country\u2019s defective<br \/>\neconomic policy, with oil accounting for over 60 per cent of the nation\u2019s<br \/>\nGross Domestic Product (GDP).<\/p>\n<p>The minister said the situation was further compounded by inadequate<br \/>\nreserve to cushion the effect of oil \u201cmisfortunes\u2019\u2019 on the country.<\/p>\n<p>\u201cWe have a very defective economic structure, which depended largely on a<br \/>\nsingle platform of crude and fuel.<\/p>\n<p>\u201cCrude oil accounts for between eight and 12 per cent of our GDP and<br \/>\nanother 53 per cent of the GDP which we call non-oil, unfortunately also<br \/>\ndepend on the same oil.<\/p>\n<p>\u201cWhen the price of oil now crashes in the international market, definitely<br \/>\nyou are bound to have this kind of shock in the economy,\u201d he said.<\/p>\n<p>He decried the citizens\u2019 preference for imported goods to local products,<br \/>\nsaying that substantial amount of the country\u2019s foreign exchange earnings<br \/>\nwas being expended on importation of goods and services.<\/p>\n<p>Mr. Mohammed also blamed past administrations\u2019 inability to achieve<br \/>\nmassive investment on infrastructure to assist manufacturing industries<br \/>\nand boost agriculture production for part of current problem.<\/p>\n<p>According to him, such inadequacies are responsible for the socio-economic<br \/>\nimbalance being experienced in the country today.<\/p>\n<p>The minister, who acknowledged that there was growth in the nation\u2019s<br \/>\neconomy between 2010 and 2014, however, said the growth was only fueled by<br \/>\nconsumption.<\/p>\n<p>\u201cThe growth was not fueled by production or fueled by investment, and that<br \/>\nexplains why it was shortlived,\u201d he said.<\/p>\n<p>He said the present administration\u2019s efforts to correct past anomalies<br \/>\ncould not be felt immediately because the rots in the system were too<br \/>\nenormous for short term remedies.<\/p>\n<p>Mr. Mohammed said the administration inherited a debt of N65 billion on<br \/>\nfertilizer procurement alone.<\/p>\n<p>He listed part of the administration\u2019s reforms to include investment in<br \/>\ninfrastructure and agriculture production.<\/p>\n<p>\u201cPeople say we should not talk about what happened yesterday but it is<br \/>\npertinent to learn, understand and move away from past mistakes.<\/p>\n<p>\u201cIn the whole of 2014 the government then, expended about N18 billion on<br \/>\nroads, but spent N35 billion on travels.<\/p>\n<p>\u201cThis year alone, we have spent N70 billion on roads.<\/p>\n<p>\u201cPeople say why are these steps not being felt immediately? It is because<br \/>\nthe last government refused to pay contractors between 2012 and 2015 even<br \/>\nwhen crude was selling at 100 dollars per barrel.<\/p>\n<p>\u201cOut of the N70 billion being owed Julius Berger, we have paid N14 billion.<\/p>\n<p>\u201cIf government was not owing Julius Berger in the past \u2014 and we paid N14<br \/>\nbillion to them \u2014 you would have seen them busy on the roads,\u201d he said.<\/p>\n<p>He said \u201cChange Starts with Me\u201d initiative launched by the Federal<br \/>\nGovernment <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1274848188\"><span class=\"aQJ\">on Tuesday<\/span><\/span> was to instill discipline and the needed change of<br \/>\nattitude in both the leaders and the people.<\/p>\n<p>According to the minister, such remained the basic foundation and the<br \/>\ndriving force for actualising socio-economic transformation for the<br \/>\ncountry.<\/p>\n<p>\u201cNigerians have to change their attitude from the past; it is not only<br \/>\nabout the leaders but also the followers.<\/p>\n<p>\u201cThis is the only way we can achieve our desired progress, growth and<br \/>\ndevelopment,\u201d he said.<\/p>\n<p>(NAN)<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Minister of Information and Culture, Lai Mohammed, Tuesday said Nigeria\u2019s over-dependence on oil is to blame for the recession the nation\u2019s economy is passing through. He said the economic successes&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":51639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-53133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Economic Success Recorded By Jonathan Fueled By Consumption-Lai Mohammed - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/economic-success-recorded-jonathan-fueled-consumption-lai-mohammed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economic Success Recorded By Jonathan Fueled By Consumption-Lai Mohammed - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Minister of Information and Culture, Lai Mohammed, Tuesday said Nigeria\u2019s over-dependence on oil is to blame for the recession the nation\u2019s economy is passing through. 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