The Federal Government has restated its commitment to redefining spending in order to get maximum impact. Minister of Finance, Kemi Adeosun made the disclosure at the on-going Ogun State Investors’ Forum in Abeokuta.
The minister also assured that the government was working hard to reset the economy on the path towards achieving sustainable growth in order to alleviate the current challenges facing individuals and organisations in the country.
Noting that government spending in previous years was ineffective and not targeted at the right areas, Adeosun reiterated the focus of the government on investing in critical infrastructure to enable growth.
She highlighted the fact that Nigeria is not an oil economy. Although oil accounts for 70 percent of revenue, it constitutes only 13 percent of the country’s gross domestic product.
She stressed that “by fully harnessing the potential of our non-oil sectors, we can create a more diversified and resilient revenue base which would provide the necessary fiscal buffers to insulate the economy against the impact of external shocks in the future.”
Adeosun also spoke on the need for the Federal Government to play its role so that states can focus on their core functions. According to her, the Federal Government will level the playing field by removing rent-seeking opportunity to unleash entrepreneurial activity and job creation. She added, “We must engage in economic patriotism to support local job growth.”
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