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Finance minister describes Nigeria’s revenue situation as very weak



Minister of Finance, Budget and National Planning, Zainab Ahmed,

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has described Nigeria’s revenue situation as very weak.

Ahmed made the description on Monday, July 26, during a panel session at a virtual public sector seminar with the theme ‘Nigeria in challenging times: imperatives for a cohesive national development agenda’ organised by the Lagos Business School.

Ahmed, who was represented by the Special Adviser to the President on Finance and the Economy, Dr. Sarah Alade, said the ministry and the government were also concerned about the issues of insecurity, poverty and unemployment in the country.

She said: “But there is also one issue, and that is the lack of revenue to be able to do as much as we want. But maybe we would be able to do if we all realise that the revenue situation in the economy is very weak. It is fragile.

“Whatever we can get, maybe there is a way we can come together to make sure that we are able to reprioritise what we spend this money so that we can then meet our national priorities.

“So, there are a lot of things, and I can only assure you that that is what we are doing. We have the medium-term development agenda, which we are in the process of implementing from 2021 to 2025. And within the five years, a lot of issues will be taken into consideration.”

On the issue of macroeconomic stability, the minister said: “Right now, the economy is weak, growth is fragile, but we are hoping growth will improve as we begin to look at the policies that we have on ground and do policy reforms to attract both local and foreign investments”.

On his part, the Chief Executive Officer, Nigerian Economic Summit Group, Mr ‘Laoye Jaiyeola, said government’s expenditure in the country had grown by 105 per cent since 2015, while revenue had only grown by 15 per cent.

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