23 May 2018

Nigeria's Foreign Reserve Hits $47 Billion - Buhari

Photo: Premium Times

President Muhammadu Buhari yesterday said the country's foreign reserve has risen to $47 billion as at April 9, 2018 up from $29.6 billion in May 2015.

He made this disclosure at the 17th National Productivity Day and Conferment of National Productivity Order of Merit (NPOM) award held in Abuja.

President Buhari said inflation rate had dropped to 12.5 per cent as at May 5, 2018, making it the 15th consecutive month of fall.

He said the implementation of the Treasury Single Account (TSA) has stopped pilfering of the treasury, while N108 billion has been saved from bank charges.

The president further said over N120 billion has also been saved from the elimination of ghost workers in the public service.

He said the federal government was making steady progress in her diversification programme, especially in Agriculture and Mining.

President Buhari noted that the public service as the organ of government responsible for formulation and implementation of government policies has a critical role to play in the new dispensation, saying "Consequently, I wish to use this opportunity to direct the establishment of Productivity and Efficiency Units service wide. The private sector is also enjoined to take advantage of policies and initiatives of government to boost investment, create wealth and increase productivity."

To this end, president Buhari said that the National Productivity Centre will be encouraged and empowered to ensure the implementation of the new directive, as well as to carry out its mandate of ensuring a productive nation.

He said that the present administration is committed to rewarding hard work and excellence, hence, placed great premium on the National Productivity Order of Merit (NPOM) Award as an award of honour and dignity.

Fifteen individuals and five organizations were conferred with 2018 National Productivity award.

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