By Onomiguren Agbamu
The Federal Government has reaffirmed that all the sacrifices made by citizens will never be in vain, saying that the government is bent on ensuring that the economy bounces back as it continues to consolidate the recovery efforts with a focus on achieving inclusive economic growth and development.
The Hon. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who was represented by Mr. Okokon Ekanem Udo, permanent secretary, federal ministry of Finance special duties, stated this on Monday 20th, November 2023 in his keynote address during the Retreat organized for members of the Federation Account Allocation Committee (FAAC) held at Asaba
The 4-day retreat in collaboration with the Delta State Government, theme: “Creating Resilient Economy Through Diversification of the Nation’s Revenue”.
The Minister noted that ” the economic reforms, which the APC lead Administration has undertaken, since its inception in May 2023 clearly outlined right steps to the transformation of the country’s economy”.
He revealed that “In less than six months of the APC administration, it has witnessed the introduction of important reforms, such as petroleum subsidy removal, fiscal and monetary policies reforms aim at removing multiple taxations and streamlining/simplifying”
Mr. Edun stressed, “These reforms are applauded not only by the experts within the Nigerian economy but also the International Development Partners such as the IMF and the World Bank, among others”.
He expressed the belief that the reforms were what Nigeria as a country needs right now to move away from its perennial problems.
The Finance Minister said Government was not oblivious to the untold hardship faced by Nigerians following the removal of the petroleum subsidy, and harmonization of exchange rates, saying It always acknowledges with deep concern the challenges encountered by Nigerians in coping with not only the high cost of petrol but also the general increase in the prices of goods and services.
According to him, ” I am happy to reaffirm that all the sacrifices made by people will never be in vain as the government is bent on ensuring that the economy bounces back to normal as we continue to consolidate the recovery efforts with a focus on achieving inclusive economic growth and development”
“As you are aware, the Tinubu-led administration has so far put in place well-structured palliative measures to cushion the unintended economic consequences of the ongoing reforms.
“Some of these include but are not limited to, ongoing acquisition of Compressed Natural Gas/Electric Motor Vehicles to facilitate mass transit, funds to boost agricultural production; loan facilities for manufacturers/Micro, Small and Medium-sized Enterprises; loan/other programmes to support students; payment of wage award to Federal Government workers for six months; release of strategic grains to households, payment of allowances to 1.5 million market women; etc.
The Federal Government is working assiduously to sustain collaboration with the States through intervention programmes, including those being implemented with support from International Development Partners.
” Let me assure you that the Federal Government will also collaborate with State Governments to enhance capacity in mobilization of domestic revenue to support the development of vital sectors of the economy such as Health, Agriculture, and SMEs to further stimulate economic growth, create job opportunities for the teeming youth population and alleviate poverty.”
“We are optimistic that, the combined effects of these policies would assist in addressing the current security and other socio-economic challenges confronting the nation.
“The Federal Government, as always, will remain committed to the fiscal and monetary reforms that the administration has started, which aimed to provide an enabling business environment, diversify the revenue base of the economy, create fiscal space for investment in critical infrastructure and ensure macroeconomic stability”
In his keynote address, Delta state Governor, RT. Hon. Sheriff Oborewori who was represented by his deputy, Sir Monday Oyeme commended members of the Federal Account Allocation Committee (FAAC), for their commitment and dedication to duty.
The Governor added that “the FAAC committee has been doing a wonderful job in enhancing revenue accruals or inflows into the federal account, which has benefited the three tiers of government”.
Oborewori, however, “noted that there is still much work to be done in the direction of payment of 13 percent derivation to oil producing states, since the coming into force of the Petroleum Industry Act(PIA)”
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