{"id":20227,"date":"2024-03-04T08:02:31","date_gmt":"2024-03-04T08:02:31","guid":{"rendered":"https:\/\/nigerdeltanews.ng\/generator-economy-wont-give-nigeria-1trn-gdp-by-2023-nesg-tells-tinubu\/"},"modified":"2024-03-04T08:02:31","modified_gmt":"2024-03-04T08:02:31","slug":"generator-economy-wont-give-nigeria-1trn-gdp-by-2023-nesg-tells-tinubu","status":"publish","type":"post","link":"https:\/\/nigerdeltanews.ng\/generator-economy-wont-give-nigeria-1trn-gdp-by-2023-nesg-tells-tinubu\/","title":{"rendered":"\u2018Generator economy\u2019 won\u2019t give Nigeria $1trn GDP by 2023 \u2013 NESG tells Tinubu"},"content":{"rendered":"<div>\n<p>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<p>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<p>According to him, 46 per cent of Nigeria\u2019s population cannot access electricity.<\/p>\n<p>He stressed that growth would not happen until the country solved the electricity supply issue.<\/p>\n<p>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<p>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<p>\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<p>\u201cAlso, we must support local businesses and invest in digital infrastructure.<\/p>\n<p>\u201cWe must track budget allocation. Our capital expenditure must be more than the recurrent and debt servicing; otherwise, we are not progressing.<\/p>\n<p>\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<p>\u2018Generator economy\u2019 won\u2019t give Nigeria $1trn GDP by 2023 \u2013 NESG tells Tinubu<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian Economic Summit Group has told the present federal government under President Bola Ahmed Tinubu that the $1 trillion&hellip;<\/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"],"_links":{"self":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts\/20227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/comments?post=20227"}],"version-history":[{"count":0,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts\/20227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/media\/20228"}],"wp:attachment":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/media?parent=20227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/categories?post=20227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/tags?post=20227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}