The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, has described Nigeria’s recovery from the COVID-19 pandemic as encouraging, stressing that things are now looking up for the country in view of the recent trajectory by the economy.
The minister, who made this remark during the opening ceremony of the 2021 Conference of the National Council on Finance and Economic Development (NACOFED) with the theme ‘Public Sector Finance Management in the New Normal (Post COVID -19)’ on Monday in Lagos, recalled that the past few years presented series of challenges to the entire nation and the globe at large but the good news is that Nigeria is recovering from the devastating shocks of the bad situation created by the unsavoury developments.
According to her, this year’s conference was organized to draw attention of managers and practitioners in public sector finance management to the challenges and opportunities posed by the COVID-19 pandemic on the nation’s economy and to proffer ways forward.
In addition, the minister explained that the forum also served as a veritable platform for stakeholders in the public and private sector financial management to brainstorm on issues relating to the impact, implications, challenges and opportunities created by the pandemic.
Ahmed also reiterated that Nigeria had exited recession and in order to consolidate on this achievement, government is taking further proactive measures to develop policies aimed at improving the performance of the various sectors of our economy, including sundry revenue improvement measures which are helping to reduce revenue gap created by the pandemic in the public finance system.
The Minister also highlighted the commitments shown by the 36 State governments in implementing the different reforms of Federal Government, adding that the Federal Government recently concluded arrangements with the World Bank to secure another sum of $750 million facility as additional financing for states under the States’ Fiscal Transparency, Accountability and Sustainability (SFTAS) programme.
This is even as she recalled that the Federal Government recently cut-down the interest rate on intervention facilities from 9% to 5% per annum, adding that President Buhari has approved a bridging facility in the sum of N656.1 billion as grant to states over a period of six months towards cushioning the effect of the resumption in the repayment of the three FGN bailout facilities.
According to her, the modalities of the facility have been worked out and the disbursement is expected to commence soon.
In his keynote address to declare the conference open, Lagos State Governor, Babajide Sanwo-Olu, commended the Federal Government on the implementation of various initiatives to grow the economy, adding that all hands must be on deck to rebuild from the destructions occasioned by this Covid – 19 pandemic.
The Governor canvassed: “We need to think outside the box, indulge on job and wealth creation by walking the rope, compelling both those in the private and public sector to focus more on exploring ways to do more with less or little; optimize spending by cutting down wastages and excesses, be creative, create avenues for revenue creation, expand innovations, avoid unnecessary spending and create a transparent ways and tendencies that will yield maximum value for every spending.
Earlier, the Permanent Secretary, Ministry of Finance, Mr. Aliyu Ahmed, during his welcome address said that various recommendations of NACOFED in its pasts conferences served as inputs for preparation of annual budgets as well as for policy formulation towards economic growth and development at both the federal and sub-national levels.
Ahmed said that participants at the forum were expected to discuss topical issues of national interest and proffer suggestions towards charting the best way forward for the nation’s public finance system.
