\n
The Nigerian Economic Summit Group has told the present federal government under President Bola Ahmed Tinubu that the $1 trillion Gross Domestic Product growth target by 2030 is not attainable with a \u2018generator economy\u2019.<\/p>\n
The chairman of NESG, Niyi Yusuf, disclosed this on Sunday while delivering a pre-Ramadan lecture organised by the University of Lagos Muslim Alumni (UMA).<\/p>\n
According to him, 46 per cent of Nigeria\u2019s population cannot access electricity.<\/p>\n
He stressed that growth would not happen until the country solved the electricity supply issue.<\/p>\n
He said for the country to achieve a $1 trillion economy, it must drive foreign direct investments (FDI), tame inflation and tackle foreign exchange volatility.<\/p>\n
He added that the government must block fiscal leakages in key government agencies, including the Central Bank of Nigeria, the Nigerian Petroleum Company Limited, and the Federal Inland Revenue Service.<\/p>\n
\u201cWe must stabilise our economy, tame forex volatility and inflation rate. The government must block all fiscal leakages in the CBN, NNPC, and FIRS, and we must increase our tax-to-GDP ratio.<\/p>\n
\u201cAlso, we must support local businesses and invest in digital infrastructure.<\/p>\n
\u201cWe must track budget allocation. Our capital expenditure must be more than the recurrent and debt servicing; otherwise, we are not progressing.<\/p>\n
\u201cAgain, growth will not happen until we solve the electricity supply issue. Presently, only 46 per cent of the population has access to power. We can\u2019t run on a generator economy\u201d, he said.<\/p>\n
\u2018Generator economy\u2019 won\u2019t give Nigeria $1trn GDP by 2023 \u2013 NESG tells Tinubu<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The Nigerian Economic Summit Group has told the present federal government under President Bola Ahmed Tinubu that the $1 trillion…<\/p>\n","protected":false},"author":1,"featured_media":20228,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4161,6408,15,466],"tags":[519,6409,180,26],"class_list":["post-20227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-nesg","category-news","category-tinubu","tag-business","tag-nesg","tag-news","tag-tinubu"],"yoast_head":"\n
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