Why economy is working under Buhari – Osinbajo

President won’t burden with unserviceable debts, Adeosun assures

Vice President Yemi Osinbajo has declared that the President Muhammadu Buhari-led administration is making specific efforts to enable the private sector thrive by

undertaking extensive ‘ease of doing business’ reforms in addition to on-going investment in infrastructure.

Osinbajo, who stated this yesterday at the Financial Times Africa Summit holding at the Claridge’s Mayfair Hotel in London, said that the government in the past months had been working assiduously to improve macro-economic conditions.

The Vice President told the global audience made up of international business leaders, investors, public sector officials, media gurus and intellectuals that ‘the outlook going forward is quite positive based on improvements in oil prices and production and the trend of leading indicators such as positive purchasing managers indices, a revived stock exchange and increasing foreign exchange reserves.

He said: “Practical examples of success include leveraging the use of technology to fast-track business registration and payment of taxes, a functioning, tried and tested 48-hour electronic visa procedure and an Executive Order mandating greater transparency and efficiency across all government agencies.
The reforms have led to reduction in cost and time, as well as greater transparency for small and medium sized enterprises in particular.”

He added that the Buhari administration is “nevertheless determined and optimistic that Nigeria will, along with the rest of the continent, bring about an Africa that works for all its people and contributes to global growth and prosperity.”

In a related development, the Minister of Finance, Mrs. Kemi Adeosun, has said that the President Muhammadu Buhari will not saddle Nigerians with unserviceable debts.

According to a statement yesterday by her Special Assistant on Media, Mr. Olayinka Akintunde, Adeosun in an article entitled, “The debt debate: Deconstructing the debt story,” stated that the President has resolved to ensure that the debts continue to remain sustainable.

The minister stated that anyone, who thought the economy the administration inherited in 2015 was in need of minor adjustment, was deluded.