Nigeria’s economy has continued to fall since 2014 when oil prices
slumped and has been in declining. By 2015, the country ran into recession
after Gross domestic product shrank in the first quarter contracting by 0.36
percent from a year earlier, according to the Abuja-based National Bureau of
Statistics. The last time the economy contracted was the second quarter of
2004, according to data on the central bank’s website.
Falling prices of crude oil, from which Nigeria derives up to 70
percent of State revenues, has caused the nation’s economic outlook to
deteriorate as all levels of government struggles to pay salaries, meet other
obligations and stimulate growth, forcing increased borrowing.
There are few States in the country today with recurrent surplus,
which is a good indicator that they have the ability to meet monthly recurrent
expenditure commitments. Over thirty States are having recurrent deficits,
which is a bad indicator, meaning that monthly average recurrent expenditure is
more than average monthly revenue.
In such dire economic strait that the country has found itself,
Governor Okowa has used his superior planning and prioritization to make the
very best use of the very little revenue coming from the federation account. Through
prioritization he has created calmness and space so that he can focus his
energy and attention on those things that really matter to the people of Delta
State.
Prioritizing is particularly important when resources are limited
and demands are seemingly unlimited. It helps His to allocate resources where
they are most-needed and most wisely spent.
Prioritization based on project value and public benefit is been used
as the rational basis for policy decisions by Governor Okowa. This favorable trend is
spurred by, among other things the Governor’s stronger leadership, better
governance, an improving business climate, innovation, and market-based
solutions.
In Nigeria of today, the current economic crisis has marked the
end of prodigal spending. The era of frivolous spending is gone in this
country. No money to throw about anymore. This is not a curse but a fact. Hence
Nigerians must return to agriculture to get out of the economic recession.
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