Nigerian Finance Minister, Mrs. Kemi Adeosun, has recently set out the government’s plan to reset the nation’s economy at a special programme organized by the Lagos Business School.
Adeosun identified four economic plans of the government which include; Stimulating economic growth to achieve a real GDP growth of 4.2% in 2017, reducing the cost of governance and strengthen institutions to combat corruption extract efficiencies in public service. increasing government expenditure on infrastructure, and funding the budget deficit and negative trade balance cost effectively.
The minister said, “We have inherited a set of conditions that requires us to refine how we collectively work towards ushering in a new era in Nigeria.”
“In the past, we had the means but not the will. Now we have the will but we no longer have the money to invest. The safety blanket of oil has been ripped away, laying the poverty of Nigeria’s institutions bare. We have spent too many years tinkering at the edges of our institutions, our infrastructure and our economy and that the mistakes and misjudgments of the last 40 years have set our clocks back by decades.”
She stressed the need for the country to collectively adopt a blueprint that equips the future generations to be creative and dynamic.
The blueprint, according to her, should also allow the drivers of the economy to articulate a vision of a Nigeria, with a strong educational foundation; rich in depth of knowledge with a breadth of skills, an expansive infrastructure capable of servicing the needs of a nation of 150 million Nigerians.
“We are a nation of entrepreneurs, and our entrepreneurs need reliable infrastructure, skilled employees and transparent systems and regulation that support them as they grow. We are introducing sound policies and robust systems that will benefit the micro, small and medium enterprises.
On government’s plans to borrow N1.8 trillion to fund the 2016 Budget, Adeosun said the funds would be invested in priority areas such as Roads, Transport, Power, Health and Housing.
She, however, warned those thinking the borrowing would open the door to renewed fiscal indiscipline that she planned to continue her “aggressive programme of fiscal housekeeping”.