Adeosun, Emefiele Confident On Sustained Positive Growth Outlook
- As external reserves hit $47.93bn
BY EDMOND ODOK, ABUJA – The Federal Government will sustain the current positive growth outlook for the country’s overall socio-economic development, the Minister of Finance, Mrs Kemi Adeosun and the Central Bank of Nigeria (CBN), Governor, Mr Godwin Emefiele have assured.
Adeosun and Emefiele spoke on Sunday at the end of 2018 International Monetary Fund (IMF) and World Bank Spring Meeting in Washington DC, United States.
Their position was contained in a statement released by the Special Adviser, Media and Communications to the Minister, Oluyinka Akintunde.
The Minister said the present growth outlook contrasted with the outlook in 2015, noting that while inflation rate has maintained its sliding trend, there is an upward momentum in Nigeria’s foreign reserves.
She expressed confidence in government’s resolve to uphold the growth trajectory, but insisted on vigilance and focus by all stakeholders to ensure the country avoid sliding back into recession.
According to the Minister, “We are confident that if we diligently implement our economic plan, we will grow the economy. We have room to grow but other countries do not have rooms to grow.
“By 2019, the growth will be far more robust than the present level in 2018.We are therefore very optimistic in sustaining Nigeria’s economic growth. We are going to use this opportunity to grow our fiscal buffers, particularly aggressively growing our revenue base.”
She stated that the Buhari “Administration has succeeded in building macro-economic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.”
Commenting on the State-Owned-Enterprises, including oil giants, the Nigerian National Petroleum Corporation (NNPC), Mrs Adeosun said government would continue to efficiently and effectively manage their costs and check leakages that are draining public funds, adding; “We must make sure that every money that is earned comes in. We will drive the process of improving governance.”
She also spoke on Nigeria’s domestic debt profile, assuring that government would not aggressively grow the debt.
“We are refinancing our inherited debt portfolio from short term Treasury Bills to longer tenured debt which has resulted in huge savings and reduction in costs of funds for the Government,” the Minister said.
She also explained that the three months deadline extension for Voluntary Assets and Income Declaration Scheme (VAIDS) till June 30, 2018 was based on appeals from tax payers for more time to regularise their tax status.
The Minister further stated that the present Administration has raised the tax payers’ base from 13 million in 2015 to 17 million as at 2018.
On the Abacha loot, Mrs Adeosun confirmed that about US$322,515,931.83 Abacha funds recovered from the Swiss Government has been deposited in a special account with the CBN.
Explaining that the funds have already been earmarked for the National Social Safety Nets programme of the government, the Minister said; “The objective of the National Social Safety Nets Project for Nigeria is to provide access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system.”
In his remarks at the briefing, CBN Governor, Emefiele also amplified Nigeria’s positive growth outlook, noting that the IMF and World Bank have both projected a growth of 2.5 per cent for Nigeria.
Happy that the country’s foreign reserves had risen to US$47.93 billion, Emefiele said; “There is need to save for the raining day and also continue to grow the foreign reserves. If we had enough reserves, we wouldn’t have suffered the recession shocks.”
