{"id":153146,"date":"2022-02-24T07:10:04","date_gmt":"2022-02-24T06:10:04","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=153146"},"modified":"2022-02-24T07:11:29","modified_gmt":"2022-02-24T06:11:29","slug":"fg-is-making-steady-progress-with-economy-clement-agba","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/24\/fg-is-making-steady-progress-with-economy-clement-agba\/","title":{"rendered":"FG is making steady progress with economy &#8211; Clement Agba"},"content":{"rendered":"<p>Minister of state for budget and national planning, Clement Agba has stated that the federal government is committed to improving the economy.<\/p>\n<p>This was stated on Wednesday by Agba at the\u00a0end of the federal executive council (FEC) meeting.<\/p>\n<p>The minister while addressing state house correspondents explained that the<span data-preserver-spaces=\"true\">\u00a0economy is making a lot of progress given its consistently good performance in recent times.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFirst, you say the figures that were given show that there is a positive trajectory in terms of the economy. I think first, we need to understand what GDP itself means. It\u2019s the totality of the value of goods and services, it\u2019s an indication of what is happening in the economy when you are having more to spend, more transactions are going on,\u201d the minister said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt means the economy is growing, and if it is declining, and you have such negative decline in two quarters, then we will say you are in a recession. And <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/18\/nbs-osun-abuja-residents-paid-above-n8000-for-12-5kg-cooking-gas-in-january\/\">NBS<\/a> has consistently given these figures, whether they are positive, or they are negative, and then we compare them either on a month on month basis, or year on year basis.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAnd then we also have what those figures are annual, which tend to show us or indicate whether we are making progress or not. What those numbers show is that there\u2019s steady progress that is being made.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The minister said reviving the economy is a continuous process.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhether it is far-reaching enough is a different ball game. And that\u2019s why you see in the National Development Plan 2021 to 2025, we are looking for a growth rate of an average of 5 percent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe haven\u2019t gotten there yet, but it is beginning to move towards that trajectory. In terms of inflation, for about 17 months consecutively, you find that the inflation rate was going up, but what we are beginning to see is that for eight consecutive months, there is consistency in decline, both for headline and inflation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cBut in December, we noticed that there was a slight increase. Of course, you know what normally would happen at the end of the year when everybody\u2019s chasing the few available goods. So the demand, of course, is much, much higher than supply.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cBut the good news is that in January, there was also a decline. And we noticed that the food index increases were around the price of bread and cereal. And then, food products were classified as potatoes, yam and other tubers, soft drinks, oil fats and fruit.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSo, the economy is being worked on, is a work in progress, I can\u2019t give you a definitive date when inflation is going to be below 10 percent. But the fact that we say that there is inflation means that the prices are being worked on.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister of state for budget and national planning, Clement Agba has stated that the federal government is committed to improving the economy. This was stated on Wednesday by Agba at the\u00a0end of the federal executive council (FEC) meeting. The minister while addressing state house correspondents explained that the\u00a0economy is making a lot of progress given [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":153149,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[6392,704,371,2537],"class_list":["post-153146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-clement-agba","tag-economy","tag-fg","tag-nbs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FG is making steady progress with economy - Clement Agba<\/title>\n<meta name=\"description\" content=\"Minister of state for budget and national planning, Clement Agba has stated that the federal government is committed to improving the economy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/24\/fg-is-making-steady-progress-with-economy-clement-agba\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG is making steady progress with economy - Clement Agba\" \/>\n<meta property=\"og:description\" content=\"Minister of state for budget and national planning, Clement Agba has stated that the federal government is committed to improving the economy. 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