Okonjo-Iweala assures of effective management of Nigeria’s economy
The Minister of Finance, Dr Ngozi Okonjo-Iweala, on Sunday assured the international community that the Federal Government had put necessary measures in place to ensure effective management of Nigeria’s economy.
According to her, “you can either go outside and get resources to manage the system, but we are not planning to do that.
“We are not going outside to get resources at this moment. That is the pride that we have had.”
She said that government had no plans for such in the meantime.
She said that from the revenue side some positive result had emerged with additional income from to the Federal Inland Revenue Services.
According to her, “you can either go outside and get resources to manage the system, but we are not planning to do that.
“We are not going outside to get resources at this moment. That is the pride that we have had.”
She said that government had no plans for such in the meantime.
She said that from the revenue side some positive result had emerged with additional income from to the Federal Inland Revenue Services.
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“Because we were ahead of the curve in trying to bring on some extra help to FIRS, we gave a target of 500 million dollars which is about N75 billion to the FIRS backed by the McKinsey.
“That is helping to strengthen their capacity to improve audits and plug leakages.
“I am happy to say that of the N75 billion target, they have already hit N44 billion of additional revenues in July.
“So, at least we will be able to increase our revenues, that has actually helped us,’’ she said
The Minister said that other area the team had been looking at was the expenditure side, which she said government had to be very careful in handling.
She reiterated the need to build up buffer such as the Excess Crude Account to help reduce any shock the economy might experience.
Commenting on the advice by IMF and World Bank on effective management of the economy at the meeting, she said they advised Nigeria to raise its buffer to 6.3 billion dollars.
“The IMF told us that we need a buffer of 6.3 billion dollars. We are at a buffer of about 4.1 billion dollars.
She also said that the team would equally look at the expenditure side to see what could be done and assured that the economy would be effectively managed. (NAN).
“Because we were ahead of the curve in trying to bring on some extra help to FIRS, we gave a target of 500 million dollars which is about N75 billion to the FIRS backed by the McKinsey.
“That is helping to strengthen their capacity to improve audits and plug leakages.
“I am happy to say that of the N75 billion target, they have already hit N44 billion of additional revenues in July.
“So, at least we will be able to increase our revenues, that has actually helped us,’’ she said
The Minister said that other area the team had been looking at was the expenditure side, which she said government had to be very careful in handling.
She reiterated the need to build up buffer such as the Excess Crude Account to help reduce any shock the economy might experience.
Commenting on the advice by IMF and World Bank on effective management of the economy at the meeting, she said they advised Nigeria to raise its buffer to 6.3 billion dollars.
“The IMF told us that we need a buffer of 6.3 billion dollars. We are at a buffer of about 4.1 billion dollars.
She also said that the team would equally look at the expenditure side to see what could be done and assured that the economy would be effectively managed. (NAN).
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