The Presidency has explained how the Federal Government will spend the N5 trillion in the Treasury Single Account (TSA).
It also disclosed that the agriculture revolution of the President Muhammadu Buhari administration has made a huge impact as Nigeria has emerged the second largest exporter of rice in the world.
The Senior Special Adviser to the President on Media and Publicity, Mallam Garba Shehu, disclosed at the weekend that the rice revolution in some states like Kebbi has produced so many millionaire farmers, in the last one year adding that the sector has also created many job opportunities.
Garba said that the Federal Government would invest the over N5 trillion in TSA in the just established Economic Recovery and Growth plan, which he noted will help to turn the ailing economy around within a short period.
“This country has climbed the ladder in rice production, as I speak to you now, Nigeria just achieved the record of the second largest producer of rice in the world. The rice revolution just started a year ago. A newspaper did an investigation in Kebbi and they found out that there were 48,000 new millionaires in Kebbi State alone for growing rice. Over-reliance on oil has killed this country and we cannot continue like this.
“The jobs are being created. Last year we promised half a million jobs, the economy couldn’t support it but before the close of the year we had done more than 300,000, the balance is being carried into the new year. And another 500,000 will be given jobs and I’m happy that the economy is getting better, oil price is going up and the policies of government in the Niger Delta are beginning to calm things down,” he noted.
“As at last week, the numbers were given as over N5 trillion realised through the TSA, You know that when all the TSA money was coming in, the country’s economy was in recession. This was manifested by a fall in the revenues, you know that oil which earned us virtually all our earnings fell below $50, also, we lost about 50% of our production and most of our industries could not have money to bring in raw materials for production. Government revenues were slow in coming and we suffered substantial losses in terms of revenue.