Popular rating agency, Augusto & Co just said Muhammadu Buhari must ensure the growth of the the private sector in Nigeria since there are clear restriction in the government’s plans to create jobs in the country.
They noted that the country could afford to not get it right with the sector as not doing so can lead to unfavorable consequences.
They begged Buhari to boost the efficiency of our economy by coming up with the right policies and infrastructural plans for the betterment of the country.
They encouraged the participation of private enterprises to ensure the best results.
A report from them read, “Other fiscal indicators also put Nigeria at the bottom of the rung even among sub-Sahara African peers. Nigeria’s five-year average of capital expenditure as a percentage of nominal GDP is a meagre 2.1 per cent, which pales in comparison to Angola (seven per cent) and Kenya (7.6 per cent).“
“The implication of this burgeoning deficit is that in 2019, Nigeria will have to borrow to meet its obligatory spendings – interest payments, transfers and payroll – projected at about N5.4 trillion with a revenue of about N4 trillion. “This implies a cash crunch for capital expenditure. Thus, with this fiscal backdrop, macro reforms that will improve the revenue position of the government and pare back the deficit by cutting spending are non-negotiable.”
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