Saturday, December 4, 2021
Home News Nigeria’s Non-oil Revenue Grew Above Target By 15.7% - Minister Of Finance

Nigeria’s Non-oil Revenue Grew Above Target By 15.7% – Minister Of Finance

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, has said that Nigeria’s non-oil revenue grew to N1.15 trillion, representing 15.7 percent above the target rate in response to Federal Government’s efforts at diversifying the nation’s economy.

Ahmed made this known virtually at the Institute of Directors (IoD) 2021 Annual Directors Conference which was held physically and virtually on Wednesday in Abuja.

The two-day event is with the theme: “Creating the Future: Deepening the Corporate Governance Practice through Multi-Sectoral and Multi-Generational Collaborations”.

Ahmed said the development was in line with President Muhammadu Buhari’s administration’s commitment to further diversify the Nigerian economy away from oil.

See also  Why Nigeria Can’t Get A New Constitution Now – Omo-Agege

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 Federal Government alongside the private sector had implemented a wide range of monetary measures to stimulate economic recovery, growth and development, job creation, and improved standards of living.

Ahmed said the government was also intensifying efforts to further grow and diversify the country’s revenue sources with a variety of fiscal policies.

See also  Gov Mohammed Decries High Level of Poverty in Bauchi

“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 8 percent.

See also  School Proprietors Urge FG to Reconsider suspension of 2020 WASSCE

“Our non-oil revenues have grown to N1.15 trillion, representing 15.7 percent above set target.

“We are working on the 2021 finance bill and it’s nearing completion.

“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,” she said.

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.

See also  Stop Denying Us Weapons to Fight Terrorism – FG Tells World Powers

Dr. Ije Jidenma, President, IoD, expressed the institute’s interest in partnering with the government at all levels to entrench strong corporate governance practices into the public service to help achieve its goals of economic development.

© 2021, Scud News. All rights reserved.

- Advertisement -

Most Popular

Archbishop Of Paris Resigns Amid Allegation Of Romantic Relationship

Aupetit had been Archbishop of Paris since 2017 and was thus a high-ranking representative of the Catholic Church in France.

Federal High Court To Begin Christmas Vacation On Dec 20

“Due to sudden overriding official engagements, the New Legal Year ceremony will now begin on December 16 to December 17.

Kaduna Set To Sack 233 Teachers Working With Fake Certificates

He said the state would soon conduct competency tests for its teachers, adding that the test would be followed up with a series of training.

NCC Qualifies MTNN, Airtel For 3.5Ghz Spectrum Auction

Adinde said the mock auction was scheduled for December 10, while the main auction will hold on December 13, both in Abuja.

© 2020 – 2021, Scud News. All rights reserved.

%d bloggers like this: