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The Minister of Finance, Budget and National Planning, Zainab Ahmed has said that Nigeria’s non-oil revenue grew to N1.15 trillion, representing 15.7 per cent above the target rate in response to Federal Government’s efforts at diversifying the nation’s economy.
“Our non-oil revenues have grown to N1.15 trillion, representing 15.7 per cent above set target. We are working on the 2021 finance bill, and it’s nearing completion,” she revealed. “Also, the recent approval of the medium-term national development plan is an important milestone of Buhari’s commitment to delivering sustainable growth, and we require strong support and monitoring during implementation.”
Ms Ahmed revealed this at the Institute of Directors (IoD) 2021 Annual Directors Conference on Wednesday in Abuja.
The minister explained that the development was in line with President Muhammadu Buhari regime’s commitment to diversify the economy further.
She noted that Nigeria was showing resilience in recovery from recession from the ravages of the Coronavirus (COVID-19) pandemic, which brought challenges to global economies.
The minister said the government, alongside the private sector, had implemented a wide range of monetary measures to stimulate economic recovery, growth and development, job creation, and improved living standards.
Ms Ahmed said the government was also intensifying efforts to grow further and diversify the country’s revenue sources with various fiscal policies.
“Nigeria was quickly able to exit recession and is on her way to path of sustainable growth, and we are intensifying efforts to grow and diversify our revenue sources to grow revenue from the current eight per cent,” the minister added.
Ms Ahmed reiterated the government’s commitment to addressing infrastructural gaps via the Infrastructural Corporation of Nigeria (InfraCo) to reduce the cost of production for businesses in the country.
“It would increase investments in the Nigerian infrastructure sector to spur growth in key sectors of the Nigerian economy,” she said.