Adeosun: FG to redefine spending for maximum impact

Minister of finance, Kemi Adeosun, on Tuesday, reiterated the resolve of the Federal Government to redefine spending in order to get maximum impact.

The minister, who was a guest at the Ogun State Investors’ Forum, holding in Abeokuta, the state capital, said during a panel discussion on the economy that the current administration was determined to ensure that going forward, government spending in Nigeria would achieve maximum impact.

Noting that government spending in previous years had been ineffective and not directed in the right areas, Adeosun reiterated the focus of the government on investing in critical infrastructure to enable growth.

During her remarks, she highlighted the fact that Nigeria was not an oil economy, although oil accounts for 70 percent of revenue, it constituted only 13 percent of our gross domestic product.

“By fully harnessing the potential of our non-oil sectors, 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,” Adeosun said.

She also spoke on the need for the Federal Government to play its role so that states could focus on their core functions.

According to Adeosun, the Federal Government will level the playing field by removing rent-seeking opportunity to unleash entrepreneurial activity and job creation, adding, “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, assuring that the government was fully aware of the current economic challenges facing individuals and businesses and was working very hard on resetting the economy on the path towards achieving sustainable growth.

Better days are ahead with President Buhari’s resolve to check corruption and wastage, she said.