Abuja — Current security challenges that Nigeria is facing today were not created by the Federal Government, but rather "inherited" from local politicians who felt the country belonged to them.
Minister of Information, Mr Labaran Maku stated this during a world press conference to review the Federal Government's achievements in 2013 in Abuja. He also said such lawmakers caused crises to discredit President Goolduck Jonathan's administration.
Despite that fact, the Information Minister noted that the Government has made tremendous progress in all sectors of the economy, and critics have ambitions for the 2015 general election.
The Government has been able to manage the economy in spite of the meltdown in the world economy, to develop people-oriented economy with the highest Gross Domestic Growth (GDP) recorded consecutively in the past three years, according to the Minister.
Furthermore, the Minister maintained that the Government has ensured stability in the exchange rate, low inflation rate and high economic growth due to proper management of the economy. This, according to him, had made Nigeria the highest receiver of foreign investment in the continent.
"Nigeria's GDP is one of the fastest growing in the world. Growth rate in 2013 was put at 7.2 per cent by International Monetary Fund, IMF.
"The dollar exchange rate has remained stable in the last two years (between N155 and N160).
"Inflation rate is declining and has been in single digits all year. Current inflation rate is eight per cent in September, down from nine in January 2013.
"By May 2013, Nigeria's foreign reserve was $48.4 billion up from $32.08 billion in May 2011.
"Excess Crude Account, ECA, rose from $4 billion in 2011 to $9 billion at the end of 2012. It is now helping the country to cushion the effects of current low earnings from oil.
"Nigeria's debt to GDP is 21 per cent, compared with South Africa, 42.7; USA, 106; UK, 90 and Japan, 225," the Minister said.
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