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2017 ₦7trillion Budget Cannot Make A Huge Difference – Osinbajo



Yemi Osinbajo

Vice President Yemi Osinbajo, has revealed that ₦7 trillion budgeted for 2017 will not make a huge difference in Nigeria’s ₦90 trillion economy.

Speaking on Thursday at a programme organised by Honeywell Group in Sagamu, Ogun state, Osinbajo said President Muhammadu Buhari was determined to diversify the economy.

He said it is the right thing to do for Nigeria to be “properly independent economically”.

“Our entire budget size for 2016 is something in the order of just over N6trn, and we will probably be moving to about N7trn in the 2017 budget. But N7trn is certainly not the kind of money… it does sound like a fair amount of money, but certainly it’s not the kind of size that can really make a huge difference in a N90trn economy such as we have,” he said.

“So the real issue is that the contribution of the federal government is catalytic; the federal government can only make some catalytic contributions in terms of infrastructure, and some incentives for the private sector.

“The real contribution is going to come from the private sector and that’s why these partnerships are absolutely important to us, and what we are looking at is some game-changing type of projects, such as we have here.”

He said the current administration believes in the private sector, and would rely partner with it to drive growth.

“That’s the primary reason why I’m here. It’s because we are definitely trying to identify those industries and those enterprises that can really help in bringing that to pass,” he said.

“Anyone who knows the pedigree of the chairman of Honeywell will agree that he is one of those who has contributed to the indigenous growth of the Nigerian economy very seriously over the years.

“The federal government very strongly believes that there is no way of delivering on our economic agenda without a serious partnership with the private sector.”

He said the budget for 2016 and 2017 cannot make a huge difference, and the private sector must come in to help the nation achieve its dreams.


Osinbajo said “at the moment there is a shornewse of animal feed everywhere, especially because of the shornewse of maize”.

“So the feed mill is going to be absolutely important in achieving some of our objectives. The sorghum mill is really a big attraction, so we think that what you are doing is really spot-on; it’s really the right way to go and we certainly are committed to supporting the Honeywell Group in ensuring that this happens and we ‘ll do all that is required to make sure that this projects succeeds.

“We think that there are very important synergies with other areas of the economy as well and we naturally expect that lots of jobs will come from this. As that is important to us, there will be plenty of industrial opportunities, quality jobs that will mean more taxes as well.”

Source: Naija News