President Muhammadu Buhari has once again claimed that he inherited a sick economy from his predecessor, Goodluck Jonathan in 2015.
He said despite inheriting an ailing economy, his government was doing its best to revamp it.
Buhari made this claim on Tuesday in a nationwide broadcast to mark the nation’s 19th democracy anniversary.
He said, “This Administration has therefore focused on revamping the ailing economy it inherited in 2015. In 2016, Government executed an expansionary budget and developed the Strategic Implementation Plan.
“For the first time, 30% of the budget was earmarked for capital expenditure which represents an upward review when compared with the 2015 budget. The SIP was followed by the development of a comprehensive medium term plan – the Economic Recovery and Growth Plan 2017 – 2020.
“The broad strategic objectives of the ERGP were to; Restore and sustain economic growth; Build a globally competitive economy; and Invest in our people. The implementation of the ERGP has started yielding results. The National Bureau of Statistics reports that the economy grew by 1.95% in 1st quarter 2018, which is a good performance when viewed against -0.91 in 1st quarter 2017 and -0.67% in 1st quarter 2016 respectively.
“Our foreign reserve has improved significantly to 47.5 billion USD as of May, 2018 as against 29.6 billion USD in 2015. The inflationary rate has consistently declined every month since January, 2017.”