- Zainab Ahmed, the minister of finance, has revealed why Nigeria's economic growth might be at risk
- The minister said that the FG must put resources together to adequately fund the plans
- Ahmed noted that revenue shortfalls have been experienced since 2017
Nigeria's economic growth may be at risk if the federal government fails to put resources together to actualise the economic growth and recovery and other development plans, the minister of finance, budget and national planning, Zainab Ahmed, has said.
Daily Trust reports that Ahmed said Nigeria needs a lot of resources to avoid risk of being underfunded.
Legit.ng gathered that she made the disclosure on Tuesday, October 29, in Abuja, while speaking at the Nigeria governors forum internally generated revenue peer learning event.
The minister said that the revenue shortfalls had been experienced since 2017 when the ERGP was launched resulting in serious deviations from targeted revenue and expenditure projections.
Represented by a director at the ministry, Israel Igwe, the minister said Nigeria required about $3trn over the next 30 years to “sufficiently” address its infrastructure deficit.
She noted that the country needed fiscal sufficiency and buoyancy which must come through domestic revenues for it to be sustainable.
Ahmed said the performance showed the country’s inability to “efficiently” collect taxes from its non-oil economic activities.
“Regarding the 2019 budget, as at 30th June, the actual aggregate revenue as per our Fiscal Accounts was N2.04 trillion, indicating a revenue shortfall of 42 percent, to underperformance of both oil and non-oil revenue targets,” she said.
Speaking at the event, the NGF's chairman and governor of Ekiti state, Kayode Fayemi, had tasked state commissioners of finance on the need to expand the revenue base.
Shubham Chaudhuri, the World Bank country director, underscored the need to boost revenue to lift people out of poverty as the role of government at federal and state levels.
Meanwhile, Legit.ng had previously reported that the Nigerian government decried the worry expressed by state governors over the deduction of N162 million monthly loan repayment for the budget support facility.
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