Fidelity bank banner Bayelsa State banner
Nigeria to sustain positive growth outlook — Adeosun, Emefiele

By Rachael Ishaya on 23/04/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 602

•Finance Minister, Kemi Adeosun
•Finance Minister, Kemi Adeosun

 

Rachael Ishaya

The Minister of Finance, Mrs Kemi Adeosun, and the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, affirmed on Sunday that the country’s positive growth outlook would be sustained.

The Minister and the CBN Governor gave this assurance at a joint press briefing at the end of the 2018 International Monetary Fund (IMF) and World Bank Spring Meeting in Washington DC, United States.

Adeosun said the present growth outlook contrasted with the outlook in 2015, and that inflation rate was slowing down while the foreign reserves were rising.

The minister, who expressed optimism that the Federal Government would be able to sustain the growth trajectory, however, called for vigilance and focus so that the country would not to fall back into recession.

“We are confident that if we diligently implement our economic plan, we will grow the economy.

“We have room to grow but other countries do not have room to grow.

“By 2019, the growth will be far more robust than the present level in 2018.

“We are therefore very optimistic in sustaining Nigeria’s economic growth.

“We are going to use this opportunity to grow our fiscal buffers, particularly aggressively growing our revenue base.

“The administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies,” she said.

Adeosun said that the Federal Government would continue to efficiently and effectively manage the cost of running state-owned enterprises such as the Nigerian National Petroleum Corporation as well as plug leakages.

“We must make sure that every money that is earned comes in. We will drive the process of improving governance,” she said.

On the nation’s domestic debt, the Minister stated that the Federal Government would not aggressively grow the debt.

“We are refinancing our inherited debt portfolio from short-term Treasury Bills to a longer-tenured debt which has resulted in huge savings and reduction in costs of funds for the government,” she said.

Adeosun disclosed that the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline was extended by three months till June 30, 2018 due to the appeals from taxpayers for more time to regularise their tax status.

She revealed that the present administration had raised the taxpayers’ base from 13 million in 2015 to 17 million as at 2018.

She confirmed the recovery of 322.51 million dollars of the Sani Abacha loots from the Swiss Government into a special account with the CBN.

The funds, according to her, have been earmarked for the National Social Safety Nets programme of the Federal Government.

“The objective of the National Social Safety Nets Project for Nigeria is to provide access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system,” Adeosun said.

Emefiele also reiterated Nigeria’s positive growth outlook, noting that a growth of 2.5 percent had been projected by the IMF and World Bank for Nigeria.

He disclosed that the country’s foreign reserves had risen to 47.93 billion dollars.

“There is need to save for the raining day and also continue to grow the foreign reserves. If we had enough reserves, we wouldn’t have suffered the recession shocks,” he said.

Emefiele assured that concerted efforts were being made to realise the 80 percent target for financial inclusion by the year 2020. (NAN)

Source News Express

Posted 23/04/2018 02:15:14 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Ekweremadu dares FG, vows not to be intimidated...

NAHCO Chairman throws in the towel

Beautiful Nubia performs in Ibadan today

Expect cloudy weather today —NiMet

Muslims, Christians in Kaduna call for NNPC probe...

Ex-Premier League star turns armed robber

Igbos celebrate German-born Biafran hero

Bombs rain on Cairo •5 killed, 90 wounded...

India moves to criminalise instant divorce

We are not owing staff salaries, severance packages...

Pipeline explosion rocks Ogun community

Senator Oduah hosts constituents, gives account of stewardship...

 

Latest News The world must attack immigration problems at the roots, By Benjamin Obiajulu Aduba Intersociety exposes new SARS Commander, writes off reforms Court threatens IGP over detention of Kwara Governor’s Aide Ex-banker arrested on wedding day; slammed with theft charge Insecurity: NEC sets up panel to decentralise Police operations Six killed as troops, bandits exchange gunfire in Zamfara U.S. votes $12.5m for food security in Nigeria Nigeria loses N126.2b on abandoned FG properties in Lagos — Don 5 lawmakers defect in Ogun Stakeholders demand implementation timeline for PIGB Peter Obi’s leadership resonates in Regina Pacis girls’ victory SARS reform not enough — CDHR •Seeks punishment of errant officers

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,559 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,536 views) Shameless Genevieve Nnaji exposes breasts in public (296,247 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,807 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,578 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,071 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,512 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,698 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,599 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,270 views) Lagos plane crash: Journalist releases victims’ names (152,685 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,002 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,454) Business Verdict (48) Columnists (910) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (634) Global Business Monitor (294) International (2,274) Interview (161) Live Commentary (28) Love Matters (134) News (38,059) Opinion (1,058) Pidgin (11) Politics (6,058) Religion (816) Sports (1,646) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement