The minister of finance Kemi Adeosun has said that the present administration is focused on reviving the dwindling economy. Adeosun said the federal government is set to roll out a long term plan that will re-position the current state of Nigeria’s economy. The minister said the federal government will inject N350 billion to help offset debts owed local contractors who had to lay off their staff.
The minister of finance Kemi Adeosun has given insight into what she and her colleagues are doing to revive the dwindling Nigeria’s economy. Speaking to journalists in Abuja on Friday, September 16, the minister said the federal government has found a strategic plan that would ease the country out of its present state. Adeosun said the new strategy is a long term plan that will reflect and re-position the Nigeria’s economy to a better and sustainable one. “I want to just re-emphasize that we have a strategic plan that will take us out of the recession that we find ourselves in, we want to make sure that this this recession is as short as possible.” “We don’t want a prolonged recession and from what we are looking at, we don’t think it will be a prolonged recession,” Adeosun said.
She further noted that some of the initiatives the federal government is currently working on will begin to bear fruits sooner than expected. “In a nutshell, we are on course and confident that the plan we’ve put together will work. And it’s a long term plan that will re-position the economy and make sure we don’t go into this boom and burst cycles that are driven by the old price,” she said. Adeosun also said the federal government is set to inject N350 billion to help offset debts owed local contractors, who had the need to laid off their workers for lack of funds.
She also said that the Nigerian government is collaborating with the Nigerian National Petroleum Corporation (NNPC) to revive the economy, stating that N40 billion has already been generated from the oil sector. Further, Adeosun said to alleviate the hardship currently faced by Nigerians the government at the federal level will ensure massive spending to enhance individual liquidity by spending on agriculture, infrastructure, and stimulating the manufacturing sector. The minister called for a quick shift from a consumption driven economy to an investment and infrastructure driven one which she said will help stabilize the Nigerian system.
“We are focused on addressing the infrastructure challenges. The greatest problem is not wages but the cost of living,” she said. She said Nigeria’s economy has to be more resilient than what it is at the moment so that Nigerians do not find themselves battling another recession within a short time again. The Nigerian economy hit its worst state this month since the crash in oil price. While President Muhammadu Buhari during a meeting with Nigerian ministers, had promised to ensure that the country is dragged out of its current states, some other notable Nigerians have also called for his resignation. However, the minister of information, culture and tourism Lai Mohammed have also said that all those calling for the resignation of the president are focused on distracting the present administration. The minister said those individuals or groups especially the opposition party, the Peoples Democratic party are working hard to ensure the President Buhari-led administration is distracted from leading Nigerians out of Egypt into the promised land.