Nigeria’s Finance Minister has for the umpteenth time spoken on the economic recovery roadmap of the President Muhammadu Buhari administration.
Minister Kemi Adeosun, speaking at The Platform May Day event tagged “The Nigerian Economy: How Oil Prices and Production Swings Determine the Fate of a Nation,” said past administrations have done the country more harms than good, and that the present administration is doing all it can to bring the economy back on track.
“We are now suffering the effects of what happened years back,” she said, stressing that what happened is that “Nigeria missed a lot of opportunities” and became a very “unproductive economy” over time.
She recalled that once a former Central Bank of Nigeria governor raised alarm that government money was missing, but was harassed, and today we are where we are.
The Minister however expressed optimism that the Economic and Financial Crimes Commission will send looters to prison.
“I am optimistic EFCC will convict some looters in the nearest future,” she hoped, adding: “It is important to send a message”.
Speaking further, the Finance Minister said “We’ve already started moving out of recession,” adding: “The past is gone but now everyone’s eyes is watching”.
What is happening now is that we are “Laying the ground work” for the economy to work efficiently, Adeosun said.
Among what the government is doing to recover the economy from recession, Adeosun said is to: broaden tax base, improve tax to GDP ratio, block leakages and improve compliance.
She said the Buhari’s administration also aims at improving customs collection, reducing overhead, allocating 30% of the budget to capital projects, increasing allocation to critical sectors, utilising debt for SME support and foregoing revenue to provide tax incentives for investors in start-up.
Adeosun said, going forward, Nigeria will begin to experience better economic growth.
“The type of growth we are moving into is fundamental, and it is hinged on entrepreneurship.
“What will happen is economic resilience through diversification,” said the Minister.
She said government is poised to do the right thing, saying “We are poised to make the change sustainable”.
Resounding the words of Vice President Yemi Osinbajo, Adeosun said, conclusively that the right time for Nigeria to make it is now.