Nigeria’s Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, says the Federal Government will prioritise its expenditures to favour major capital expenditures with greater impact on the 2020 budget.
Speaking on the side-line of an international conference on “Commodities Trading Ecosystem’’ on Monday in Abuja, Ahmed said that the decision followed the recent unfolding global events of coronavirus pandemic and the oil price war.
Local media reports on Tuesday said that Ahmed stated that only capital expenditures which would create jobs and enhance the ease of doing business in the country would be considered before others.
She said that although the oil sector contributed only nine percent to the economy, but it was the large driver of government revenue and non-oil sector.
“It is a reality call for us that we must develop the non-oil attitude in everything we do.
“It is a time for us to review what we have planned and to priortise expenditure in favour of major capital expenditure that will have greater impact that will create jobs and visibility and also enhance the ease of doing business in our country.
“Any expenditure that are not critical, we must defer to do it at a later time when things become more normal,’’ the reports quoted the minister as saying.
The two-day conference with the theme `Commodities Trading Ecosystem: Key to Diversifying Nigeria’s Economy’, was organised by the Securities and Exchange Commission (SEC) and it attracted financial and capital market stakeholders across the country.
MM/GIK/APA