Nigeria’s Minister of Finance, budget and national planning Zainab Ahmed gives update on how the country successfully Exited its second recession as Presidential communication team holds maiden edition of State house briefing.
Zainab Ahmed says Implementation of Economic Sustainability Programmmes contributed Largely to Nigeria’s exit from Recession.
Finance Minister says FG sourced for funding from DFIs – IMF, AfDB, IDB and others – to reflate the economy in the face of the Coronavirus pandemic.
She says “We have a major target to bring down inflation to single digits. We are working with the Presidential Economic Advisory Council, PEAC, and the Central Bank of Nigeria to achieve this”.
Minister of Finance says the largest contributor to inflation in Nigeria is food inflation. “When you decouple it, you find that transport costs are the largest contributor hence the decision to reduce import duties on Tractors and other vehicles”.
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“We have approval from the President to submit a supplementary budget to NASS to fund Additional Covid vaccines – to complement the ones arriving soon She further says
“Nigeria’s debt is still very much within sustainable limits. We need to roll out infrastructure now, and grow the economy now, not later. Our focus is on growing our revenues” The Finance Minister revealed that the Nigerian Government recorded 97% budget performance in 2020.
“We are at the final stages of negotiation with China Exim Bank for financing of the Ibadan-Kano section of Lagos Kano”.
Editor Paul Akhagbemhe
