Finance Minister, Mrs. Kemi Adeosun says Nigeria’s economy will continue to grow if the economic plan is diligently implemented.
In a joint press briefing with the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, at the end of the 2018 International Monetary Fund and World Bank Spring Meeting in Washington DC, United States, she assured that Nigeria’s positive growth outlook would be sustained.
“We are confident that if we diligently implement our economic plan, we will grow the economy. We have room to grow but other countries do not have rooms to grow,” she said.
She added that, “By 2019, the growth will be far more robust than the present level in 2018. We are therefore very optimistic in sustaining Nigeria’s economic growth.
“We are going to use this opportunity to grow our fiscal buffers, particularly aggressively growing our revenue base.
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“The administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.”
On the state-owned enterprises such as the Nigerian National Petroleum Corporation, she disclosed that the government would continue to efficiently and effectively manage their costs and plug leakages.
“We must make sure that every money that is earned comes in. We will drive the process of improving governance,” she added.
On the nation’s domestic debt, the Minister stated that the Government would not aggressively grow the debt.
“We are refinancing our inherited debt portfolio from short term Treasury Bills to longer tenured debt which has resulted in huge savings and reduction in costs of funds for the Government,” she said.
She disclosed that the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline was extended by three months till June 30, 2018 due to the appeals from tax payers for more time to regularise their tax status.
She revealed that the present Administration has raised the tax payers’ base from 13 million in 2015 to 17 million as at 2018.
The Minister confirmed the recovery of the sum of US$322,515,931.83 Abacha funds from the Swiss Government into a special account in the CBN.
The funds, according to her, have been earmarked for the National Social Safety Nets programme of the Government.
“The objective of the National Social Safety Nets Project for Nigeria is to provide access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system,” Adeosun stated.
