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Nigeria's economy under Buhari solid, says Minister

Dec 31, 2019 | The Newsroom
Nigeria's economy under Buhari solid, says Minister

The Minister of Information and Culture, Lai Mohammed said President Muhammadu Buhari has taken Nigerians closer to the Next Level target in the outgoing year 2019.

The Minister stated this on Monday in Lagos at a media briefing to present the major achievements of the President Muhammadu Buhari Administration for the outgoing year 2019.

Justifying the claim, the Minister said that the economy had continued to witness a strong performance, building on the steady recovery since the last recession.

He said contrary to claims in certain quarters, Nigeria had not reached its debt ceiling of 25 per cent in total public debt stock to Gross Domestic Product (Debt/GDP) as it was currently on 18.99 per cent.

The Minister said debt service to revenue ratio had been higher than desirable, which explained why the government was moving ahead with its economic diversification efforts.

He said there was increasing oil and non-oil revenues while government was also widening the tax base.

“Security of lives and property has remained a priority of this Administration, hence the tremendous improvement that has been witnessed in fighting terrorism, banditry, kidnapping and other acts of criminality.

“It was indeed a challenging year in terms of
insecurity, but the Federal Government faced the challenge squarely to cancel doomsday predictions from the political opposition and their allies,’’ he said.

Mohammed said the fight against insecurity was boosted by the border drill, which curtailed access to weapons by terrorists and other criminals.

“Thanks also to the drill, rice production has received a massive boost, creating millions of jobs and moving Nigeria closer to achieving self-sufficiency in rice production.

“The fight against corruption has received a shot in the arm, with the inauguration of the Administration’s Financial Transparency Policy and Portal,

“The increased prosecution and convictions and the tracking of the huge resources being allocated to constituency projects,’’ he said.

The Minister said the government had continued to revamp the nation’s infrastructure, while taking more steps to increasing its earnings from its natural resources through the amendment of the necessary laws.

The Minister thanked Nigerians for their support and perseverance, and assured that the Administration would continue to take all measures necessary to secure the lives and property of all citizens while enhancing their welfare.

He also urged the opposition to join hands with the government to move Nigeria to the Next Level, instead of engaging in scorched-earth opposition that benefits no one.


Text with exception of headline courtesy of NAN.


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