Our food, Our clothing, Our manufacturing inputs, Our fuel and much more.In the past 18 months when we experienced low oil prices, we saw our foreign exchange earnings cut by about 60%, our reserves eroded and our consumption declined as we could not import to meet our needs.īy importing nearly everything, we provide jobs for young men and women in the countries that produce what we import, while our own young people wander around jobless. We wasted our large foreign exchange reserves to import nearly everything we consume. In the days of high oil prices,we did not save.We squandered. I am talking about the farmers who today are experiencing bumper harvests, the manufacturers who substituted imported goods for local materials and the car assembly companies who today are expanding to meet higher demand.ĭistinguished members of National Assembly, for the record: For many years we depended on oil for foreign exchange revenues. Those courageous and patriotic men and women who believed in Nigeria are now seeing the benefits gradually come to fruition. We have reached a stage when the creativity, talents and resilience of the Nigerian people is being rewarded. Yet I remain convinced that this is also a time of great opportunity.
Nearly every home and nearly every business in Nigeria is affected one way or the other. We continue to face the most challenging economic situation in the history of our Nation. The Plan, which builds on our 2016 Budget, provides a clear road map of policy actions and steps designed to bring the economy out of recession and to a path of steady growth and prosperity. We propose that the implementation of the Budget will be based on our Economic Recovery and Growth Strategy. It is my pleasure to present the 2017 Budget Proposals to this distinguished Joint Assembly: the Budget of Recovery and Growth.
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