Breaking News

FG budgets N1.632bn to compute States’ GDP

By Henry Umoru
THE federal government disclosed yesterday that a total of N1.632billion would be spent to compute each State’s Gross Domestic Product, GDP for the country, just as it said that arrangements have been concluded for the commencement of the production.

According to the government, the state GDP will be developed within the national framework, using standardized methodology and procedures geared towards ensuring consistency.

Speaking yesterday at the Sensitization Workshop On State Gross Domestic Product, GDP, Computation for Nigeria in Calabar, Minister/Deputy Chairman, National Planning Commission, NPC, Dr. Shamsuddeen Usman explained that the N1.632 billion will be shared among the Federal governments and sub national governments as well as the development partners in the ratio of 40:30:30 respectively. Shamsudeen Usman noted that the process would come in two phases; the first, covering the planning and pilot study while the second phase would comprise the training of enumerators and the actual field work survey.

The Minister who urged relevant stakeholders to contribute to this respective process, said, that the it was the first step in the activities lined up for the production of Nigeria’s State GDP, adding that it was coming on the heels of the formal launch of the Nigerian vision 20:2020 Economic Transformation Blueprint by President Goodluck Jonathan.
Usman who noted that the exercise is expected to draw from experiences and lessons from countries such as the United States of America, Australia and India that have made regular use of the State GDP in their economic management efforts, stressed that the State GDP would be used as basis for benchmarking the economies of the States and the FCT to engender healthy competition amongst them on periodic basis.

According to him, “given the renewed interest in expanding the policy space at the lower levels of Government in Nigeria, it becomes necessary to address the important issue of data and information gathering, including disaggregated GDPs at these levels which will provide the basis for evidence based policy choices”.

Earlier in his address of welcome, the Secretary to the Commission, Professor Sylvester Monye noted that the computation exercise is expected to produce the quarterly and annual GDP series reflecting detailed characteristics of the economy at the sub-national level.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.