Saturday 29th April, 2017
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Nigeria needs to tap its non-oil revenues, says Adeosun

Nigeria needs to tap its non-oil revenues, says Adeosun

The Minister of Finance, Mrs. Kemi Adeosun on Thursday disclosed that the Federal Government to get Nige­ria out of recession by boosting government revenues and crack­ing down on corruption, and will also issue more international debt to pay for infrastructure projects.
 
The country is in its second year of recession, brought on by lower oil prices, which have slashed government revenues, weakened the currency and caused dollar shortages frustrat­ing business and households.
 
World Bank chief economist for Africa, Albert Zeufack, on Wednesday said fiscal adjustments in Nigeria would be “extremely challenging” and that the country needs to reform its finances to en­sure it can hedge against any future currency crisis.
 
Adeosun said on CNBC Tele­vision that her aim was to get the non-oil sector of Nigeria’s econo­my which accounts for around 90 percent of GDP to contribute to government revenues.
 
“Improving non-oil revenues is something we are working hard on. We are rolling out measures to get more people into the tax net,” she stated.
 
“We are get out of recession be­cause we are following the right type of policies. We are improving our revenues, we are improving our efficiencies in how we spend money.
 
“We are investing in the infra­structure that is needed, power, rail, road, the big enablers of growing sustainable economies”.
 
Adeosun said liquidity on curren­cy markets has been improving as the central bank has boosted dollar supply, thanks to recently rising oil prices. She added that government was harmonising fiscal, monetary and trade policies to get the econo­my growing again.
 
Adeosun said Nigeria plans to issue long-term debt on the inter­national markets more regular­ly for infrastructure projects, tak­ing advantage of the country’s debt to GDP ratio of 13 percent. But the interest burden is rising due to low revenues.

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