The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday, reiterated the resolve of the Federal Government to redefine spending in order to get maximum impact.
A statement issued by the Special Assistant (Media) to the Minister, Mr Festus Akanbi, said the minister spoke at the Ogun State Investors’ Forum, in Abeokuta.
Adeosin said that the current administration was determined to ensure that henceforth government’s spending would achieve maximum impact.
She said that government’s spending in the past had been ineffective as they were not directed to the right areas.
She said that the the focus of the government on investing in critical infrastructure was to facilitate growth.
Adeosun said that Nigeria is not an oil economy, although oil accounted for 70 per cent of its revenue and constituted only 13 per cent of its gross domestic product.
“By fully harnessing the potential of our non-oil sector, we can create a more diversified and resilient revenue base which would provide the necessary fiscal buffers to insulate the economy against the impact of external shocks in the future”, she said.
Adeosun stressed the need for the Federal Government to play its role so that states can focus on their core functions.
According to her, The Federal Government will level the playing field by “removing rent-seeking opportunity to unleash entrepreneurial activity and job creation”.
“We must engage in economic patriotism to support local job growth.”
She commended the Ogun State Government for patronising local entrepreneurs in producing its conference bags.
The minister said that government was fully aware of the current economic challenges facing individuals and businesses and was working very hard to reset the economy on the path of sustainable growth.
She promised that better days were ahead with President Buhari’s resolve to check corruption and wastage.