There are no Quick Solutions to the current economic woes in Nigeria, Finance Minister Kemi Adeosun said.
Adeosun spoke on Nigeria’s 24/7 News TelevisionStation, Channels, to debunk claim made by the former minister of education Oby Ezekwesili that President Muhammadu Buhari was operating archaic economic policies.
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“I disagree with Mrs Ezekwesili… The present government does not operate a command-and-control economic system as alleged by the former minister.”
Ezekwesili had advised Buhari to review his policies, saying they were not in tune with the reality of hardships facing Nigerian masses. She spoke as a guest on The Platform, a programme organised by The Covenant Christian Centre.
But Adeosun dismissed Ezekwesili’s position, stating that the federal government had plans to revitalise the Nigeria’s Economy even though, “there are no quick solutions to current economic woes.”
She accused the previous administrations of failing to judiciously manage Nigeria’s monies when the country had massive Revenue from high crude oil prices, “things were currently difficult because the federal the government inherited an empty treasury in addition to a high debt profile. “
“What we are now trying to do is reset the economy so that we never end up in this situation again; and how do we do that? We have to have a more diversified economy, a more diversified revenue base.
“If you look at oil, its only 13% of our GDP but it represents 70% of government’s revenue, which means if anything happens to oil, it affects everybody.
“The question we are trying to now resolve is: the remaining 87% of GDP, why is it contributing so little to government’s revenue? If we are able to have those other revenues, which are much more stable, predictable and less volatile, then if the oil price goes down, we’ll be able to maintain some level of stability.
“We have looked at what government has been spending money on; only 10% was spent on capital while 90% was spent on recurrent items like salaries, traveling, training and so on and those things don’t grow the economy; capital (expenditure) is what grows your economy.
“This budget that is being finalized has a 30% commitment to capital and we have said we want to maintain that commitment.“There are no Quick solutions to the current economic woes.”Adeosun promised that plans were underway to pump N350 billion into the economy, “until we see growth.”
“The job will be done painstakingly, and we will come out of it better,” Adeosun assured Nigerians
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