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Finance minister hints on how governments can curb decreasing revenues

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Minister of Finance, Mrs. Zainab Shamsuna Ahmed

The Minister of Finance, Zainab Ahmed, has hinted governments at various levels on how to control their spendings amid decreasing revenues.

The finance minister explained that there is an urgent need for the governments to be prudent in their spendings.

Zainab made the hint while speaking on claims that the federal government printed N60 billion as top-up for March FAAC numbers.

The minister, however, noted that the government was not generating enough revenue to align with its spending habit.

She claimed that the government was expected to maintain its stance from January 2021 to end total fuel subsidies in Nigeria.

According to her, “As a nation, the Federal, State and Local governments must review expenditure patterns. We are spending too much and we are not generating enough.

Techeconomy.ng previously reported that Zainab had disclosed that Nigeria’s economic plans performed below expectations as a result of lack of cooperation.

Ahmed said various governments at all levels must work together to come up with policies that would address the different issues that could attempt to weaken the economy.

According to her, “There is a need for an urgent strategy to develop a more resilient and sustainable economic model that could stand the test of time.

“Achieving this would require maximum cooperation and collaboration at all levels of government.”

The minister added that since the administration of President Muhammadu Buhari came into power, there have been deliberate efforts to achieve this goal.

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“The ongoing Medium-Term National Development Plans (MTNDP) 2021-2025 and Nigeria Agenda 2050 were designed to address these concerns.

“You would agree with me that previous plans witnessed a varying degree of successes. For instance, the Economic Recovery and Growth Plan (ERGP) 2017-2020, which was crafted in the wake of the global economic meltdown of 2016, was able to pull Nigeria economy out of recession.

 

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