Revitalisation of fertiliser blending plants saves Nigeria $200 million annually – Osinbajo


Vice President Yemi Osinbajo said on Thursday that the revival of the fertilizer mixing plant annually saves the country more than $ 200 million in foreign currency and more than N60 billion in budgetary allocations for fertilizer subsidies.

Mr. Osinbajo stated this in Abeokuta, delivering a keynote address to the 17th Joint Planning Council and the National Development Council.

This case was organized by the Federal Ministry of Budget and National Planning in conjunction with the Government of Ogun, and the Minister for Budget and National Planning Udo Udoma represented Mr. Osinbadzho.

The program has a theme: "Accelerating the implementation of the Economic Recovery and Growth Plan (ERGP): the role of stakeholders. "

Mr. Osinbadzho noted that the current administration headed by President Muhammad Bukhari is proud of the successes recorded in the agricultural sector.

He explained that the development allowed to buy fertilizers at prices 30 percent cheaper than previously available, adding that the country also imported less rice than it did today a few years ago.

The vice president said that ERGP is different from other plans introduced by previous administrations, since it contains clearly defined goals, priorities and goals.

"Indeed, I am pleased to note the partnership that some states, such as Kebbi and Lagos, have concluded to support the agricultural development and food security goal of the Economic Growth Plan (ERGP).

"I know that the National Export Promotion Committee is implementing a plan to expand exports and economic diversification in accordance with the Zero Oil Plan (ZOP) initiative.

"In the 2018 budget, in the 2018 budget, we also allocated a budget of $ 44.4 billion. USA to create special economic zones in six geopolitical zones for local production and export.

"We also pay close attention to the mining sector by strengthening the Agency for Mining Regulation. For this purpose in the budget of 2018 about 644 million have been voted.

"We are ready to create a national scheme for the purchase of gold. CBN also promotes discussions about ways to buy gold in order to increase liquidity in this sector, "he said.

He confirmed the determination of the current administration to continue to promote good governance, saying that it is an important factor in economic growth and development.

Mr. Osinbadzho noted that the federal government institutionalizes reforms aimed at intensifying efforts to identify the diversion of public resources to private welfare and the punishment of the institutions and individuals guilty.

"In addition to recovering the huge sums looted by unpatriotic Nigerians and real estate acquired with illegitimate funds, more than $ 3 trillion has been paid into the Single Treasury Account (TSA) since June 2015.

"The accounts of revenue-generating bodies are checked to ensure full compliance with regulatory and legal provisions on the creation and transfer of revenues to the government."

Governor Ibikunl Amosun in his speeches gave a high appraisal to the organizers of the program, saying that this would be a long step in boosting the country's economy.

He praised the president for his timely restructuring of the economy.


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