The Federal Government says despite the current decline in revenue Generation, Nigeria is not broke .
Nigeria’s Finance Minister, Zainab Ahmed disclosed this in her presentation at the 6th Edition of President Muhammadu Buhari Scorecard Media series .
The Minister says revenue generated since the inception of the Buhari Administration has been equitably distributed to all tiers of government on a monthly basis.
The Presentation of the Achievements of the President Buhari’s Administration is still ongoing.
The Minister of Finance, Budget and National planning said despite the government’s inability to sufficiently shore up its revenue generation, Nigeria is not Broke .
“We have also witnessed a significant increase in non-oil revenue. Unfortunately, oil revenue has underperformed because of the criminality but recently the NNPC has reported that has been curtailed and we are beginning to see the pick-up with the production levels. This means more revenue will come to the government.
“What we have isn’t enough to cover what we need hence the borrowings.
“There is a debt management board chaired by the Vice President. The debt management strategies are being followed judiciously. At 33 per cent to GDP, we are still the lowest within countries that are our comparatives.
“But again, I still say we have a revenue problem in spite of the increase in non-oil revenue because our performance 8-9 per cent of GDP, the revenue is not enough. We are a population of about 200 million who deserve service. Our consumption level is low. So we need to keep looking ways to incentivize the business so MSMEs who are the largest contribution to labour and economy continue to grow.” she added.
Nigeria’s Information Minister, Lai Mohammed also says no administration since the beginning of this Democratic Dispensation, has performed better in supporting states with all forms of Financial intervention as the Buhari Administration.
Among other achievements, The Federal Government says Nigeria is among the first countries globally to develop and launch an Integrated National Financing Framework designed to strengthen planning processes and mobilise domestic and international financing for the Sustainable Development Goals and the national development plans.
