Lai Mohammed

The Federal Government, according to Alhaji Lai Mohammed, the Information and culture minister, has four pillars for fixing the wonky economy.

He said this at an interactive session with online journalists today in Lagos. The first pillar, according to him, is to stimulate the economy so much that it will grow by 4.2 per cent by 2017. There will also be massive spending on social intervention, especially the N500 billion proposed for job creation, N5, 000 for 25 million in phases and others.

The second pillar, according to him, is to reduce the cost of governance so much that N1 trillion will be saved in 2016. Here, government will also extract efficiency in public service.

The third approach is massive spending on transportation, housing, roads and power.

Also, the fourth is taxation. Government, according to the minister, will increase its revenue “not by increasing taxation but by widening its base”