The Federal Government says that in spite of its programmes aimed at creating jobs, umemployment rate continues to rise due to rise in population growth.
Udoma Udo Udoma, the minister of budget and national planning, said this on Thursday, December 20, 2018, at the Public Presentation and Breakdown of 2019 Federal Government’s Budget..
Udoma explained that the Buhari administration had met up with its promise of creating million of jobs. however, the quantum of people entering the market each year affects unemployemt data.
The minister was reacting to a report released by the National Bureau of Statistics, NBS, on Wednesday which said that unemployment rate had risen from 18.8 per cent in 2017 to 23.1 per cent in 2018.
“Employment growth usually slows down during recession and takes some time to recover.
“It is not therefore, surprising that the National Bureau of Statistics data shows that employment and unemployment remains high in Nigeria.
“However, it must be emphasised that what the NBS report shows is not that jobs have been lost. “It actually shows that there has been a significant job creation, but that the level of growth in new jobs is less than the number of new entrants into the job market, hence a net increase in unemployment rate.
“We expect more diversified and inclusive growth over the medium term and reduction in the rate of umeployment, as we continue to implement the policies and programmes of the ERGP,” he said.
Udoma said that the government was making efforts to create more jobs through the private sector by provding single digit loans to small and medium enterprises.
Speaking on the budget, the minster said that it was tagged “Budget of Continuity” because the focus would be on completing infrastructure projects initiated whether by the past or present administration”.
He said that the proposed N2.03 trillion under capital expenditure, would go into completing projects in the transportation, power, health, housing, works, water resources and education sectors.
Furthermore, Udoma said that to complete these projects, the Federal Government would improve on its domestic resource mobilisation.
He added that the government would sustain its efforts in improving public financial management through use of the Treasury Single Account, TSA, and the Integrated Payroll and Personnel Information System, IPPIS, among others.
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