- * Lauds NNPC Over N287bn Profit After 44 years
By Chinwendu Agoha (Governance Reporter)
The Buhari Media Organization (BMO) has said the real 5.01% growth in Nigeria's Gross Domestic Product (GDP) in the second quarter of 2021(Q2, 2021), as reported by the National Bureau of Statistics (NBS), is another indication of the resilience of Nigeria's economy under President Muhammadu Buhari administration.
This figure, according to the BMO, is the highest recorded so far since the fourth quarter of 2014 (Q4, 2014). The group also said it is the third consecutive quarter of growth since Q4, 2020.
In a statement by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, BMO said the initial cause of the decline in our economic growth was mainly global, driven by the Covid-19 pandemic which led to a global economic lockdown and in turn precipitated supply chain disruption, with its adverse impact on crude oil supply which is Nigeria's revenue-generating resource.
"What is apparent in this figure is that President Buhari is on top of economic direction and management, he understands the best policies to deploy and it is the impact of these policies that are being reflected in our GDP growth figures.
"Despite the global headwinds in terms of quantity of our crude oil produced, price of crude oil, scarcity of dollar as a result of fall in crude oil prices over time, we have a President that has been able to manage these crises and deploy resources in an efficient and effective manner.
"Impressive figures from the NBS show that the economic policies deployed by Federal Government in a concentric manner are working.
"We have seen government policies marshalled and deployed in the Nigerian economy, at the level of the economic recovery growth plan, at the level of interventions, and at the level of the economic sustainability plan. This shows that government has been realistic, pragmatic and committed in the way it has been conceiving and implementing these policies".
According to the pro-Buhari group, whether we like it or not, the figures that we have now are outcomes of the impact of these policies on Nigeria. "We may not be there yet, but for the first time in so many years, we are saying that we have a growth figure that is higher than the population rate.
"All administrations over the last 20 years had talked about diversification, but it is now that we are truly diversifying and it is this diversification that is helping this growth. Now we have the non-oil sector moving higher from what it was in Q1 2021, to 92.58%, so this growth is driven more by the non-oil sector and that tells us that we are truly creating momentum in the diversification.
"This is the time for all Nigerians to continue to support this government and to also continue to seek and identify opportunities that have being created in the economy, through all the policies that are being deployed, because for every Nigerian there are opportunities that have been created through these different policies".
BMO urged Nigerians to look out for opportunities that can be profitably exploited in the Nigerian economy.
In another development, BMO also commended the Nigeria National Petroleum Corporation (NNPC) for the landmark achievement of making a profit of N287bn after tax.
The group recalls that the Corporation had over the years been running at a loss, until the President Muhammadu Buhari administration, in 2016, gave it a marching order to ensure that its activities are carried out in a transparent and prudent manner.
It noted that since the era of military regimes, and under previous democratic dispensation, the Corporation had been running at a deficit, but with the injection of visionary leadership by the Buhari administration, NNPC has been meeting its obligations both in paying of arrears of cash call to joint venture partners, as well as meeting up with the current cash calls.
"NNPC has achieved all these despite the global economic downturn, drop in oil prices and the negative impact of Covid19 pandemic.
"We, therefore, commend the management of NNPC for keying into the visionary leadership of President Muhammadu Buhari, by being transparent in its operations, curbing corruption and thinking creatively towards helping to boost the country’s economy during the challenging times. The result is that a whooping N287bn after-tax profit has been declared by the Corporation after meeting its other obligations.
"What is even more gratifying is that the NNPC had reduced its losses which stood at N803bn in 2018 to N1.7bn in the year 2019, thereby paving way for the eventual declaration of a humongous profit after tax of N287bn in its entire history. This feat could only be achieved under an administration that does not make the NNPC a cash cow and a means of serving personal, political and other parochial interests".
BMO also acknowledged that the President had while announcing the historical breakthrough, noted that the development was consistent with his ‘’administration’s commitment to ensuring prudent management of resources and maximisation of value for the Nigerian people from their natural resources.
"We are bold to say that this summarises the underlining reason for this historical feat which the NNPC has achieved under the President Muhammadu Buhari administration", the statement added. NNL.
