APA – Lagos (Nigeria)
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun says that the Nigerian Government has no intention to borrow from any local or foreign financial institutions as a result of the removal of subsidy on petrol and the exchange rate harmonisation.
Speaking after the first meeting of the newly inaugurated Federal Executive Council on Monday in Abuja, Edun stated that the benefit of the subsidy removal would be ploughed back into various sectors to boost government revenue and improve business environment for local and foreign investments.
According to Edun, with increased revenue from subsidy removal, various palliatives have been made available to cushion the effects of subsidy removal on a short, medium and long term bases.
He assured that the new administration would bring back the economy from the wood soon.
In the same vein, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said that investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.
She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s commitment of creating jobs for the teeming youthful population of the country.
In his remarks after the meeting, the Minister of Health, Prof. Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.
He disclosed that the president had directed the ministers to be courageous and innovative in taking decisions that would benefit the country, adding that the president is already taking such moves.
Local media reports on Tuesday quoted Prof. Pate as saying that the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol on his first day in office.
GIK/APA
Nigeria has no plans to borrow from local, foreign institutions – Finance minister
