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By Nasir Kura
The Federal Executive Council (FEC) on Wednesday approved 22.995 million dollars (N7.14billion) to enhance security of the nation’s maritime sector.
This was disclosed by the Minister of Transportation, Mr Rotimi Amaechi, when he briefed State House correspondents on the outcome of the weekly FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa in Abuja.
He said the approved amount was for six companies to protect six sections of the coastal ways to enhance security of the maritime sector.
Also speaking, Minister of Budget and National Planning, Mr. Udoma Udo Udoma, said government plans to cut down the level of borrowing from N1.6 trillion in 2018 to N1.5 trillion in 2019, while the deficit component would be reduced from N1.9 trillion in 2018 to N1.6 trillion.
He said this was part of his presentation to the Federal Executive Council on the country’s economic outlook.
“Today I reported to FEC that we have seen steady recovery from the recession period, the report indicates that the economy when measured by real GDP grew at 1.81percent in the Q3, 2018, compared to 1.5percent in the Q2, 2018.
“FEC was particularly encouraged to note that economic growth continues to be driven by the non-oil sector which grew by 3.32 percent in the 3rd quarter, this has been the strongest growth in non-oil GDP in twelve consecutive quarters since the 4th quarter of 2015.
“By economic activity, non-oil growth was driven by transportation, electricity, telecommunication, metal oils, quarry and so on. In addition, agriculture and manufacturing sectors also grew, agriculture by 1.91percent manufacturing by 1.92 percent these are stronger growth than in the 2nd quarter, so overall, Council was most encouraged by these results which shows improvement in the economy and that our plans are working,” he said.
He said in spite of the recent oil output drop to about 1.9 million barrels a day, government was optimistic the 2.3 million barrels a day target was achievable with production now rising to about 2.15 million barrels a day and new oil productions being put into play.
He said the non-oil sector that was neglected by the previous administrations has facilitated economic growth in the last couple of years.
He said transportation, electricity, telecommunication, quarry and others grew the GDP by 3.32percent in Q3 and represented the strongest growth trajectory in twelve consecutive quarters since the Q4 of 2015.
