Oil Drop Infrastructure investment would not be affected

The Minister gave an assurance that the administration is concerned about getting the economy back on track

  • Published:
Kemi Adeosun play Nigeria's Finance Minister,Kemi Adeosun (Daily Times)
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The Federal Government said on Thursday that the depreciation in the price of oil will not affect the investment meant for infrastructure in the year 2016.

The Minister of Finance, Mrs Kemi Adeosun, mentioned this in an article she wrote and made available to journalists by the Director of Press, Federal Ministry of Finance, Mr. Marshal Gwandu.

She explained the current economic challenge being faced in the country is as a result of the various financial mismanagement that occurred over the years.

The Minister also gave an assurance that the administration is most concerned about getting the economy back on track as can be seen from the chemistry between the various ministries.

READ: 'We will focus on slashing cost of running government'

More notable is the effort of the Central Bank of Nigeria.

She also said, “The sharp fall in the price of crude oil in 2015 has led us to adopt a multi-prong fiscal strategy aimed at achieving consolidation in public finances, enhancing fiscal revenues and restoring the credit worthiness of the country.”

“The budget of 2016 is based on a number of base cases and realistic assumptions, with built-in flexibilities to deal with oil price volatility and shortfalls in estimated revenue stream.

“Our main macroeconomic objective is to use a government expenditure-led growth strategy in 2016, combined with a stimulant approach based on injections of more efficiently collected revenues, and blocking of leakages.”

With these, the government is optimistic that Nigeria can be led out of its current economic downturn.

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