Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, Sunday, said the federal government is committed to diversifying from the oil economy in view of the effects of the Coronavirus pandemic on the global economy.
Ahmed, who spoke through virtual at the capacity building workshop for special advisers and technical assistants for the ministers in Abuja, said like other primarily oil-dependent economies, Nigeria was hit hard by the drop in crude oil prices and the COVID 19 pandemic.
The workshop was organised by the Ministry of Finance, Budget and National Planning, and Konrad Adenauer Stiftung (KAS), a German foundation.
She, however, disclosed that President Muhammadu Buhari had given a nod for diversification of the economy, adding that the 2020 Finance Act had also been passed into law.
“Even with steady improvements, however, our economy was still largely
dependent on oil revenue and foreign exchange earnings, characterised by a high debt service ratio, a weak infrastructure base, and low human capital development indices. These are some of the constraints that define our post-COVID 19 reality and have in turn informed our fiscal strategy and health response.
“The impact of COVID 19 has seen government taking several measures to address the crisis. Like other primarily oil-dependent economies, we have been hit hard by the drop in crude oil prices and the COVID 19 pandemic.
“To support government’s focus on diversifying away from oil revenues, and enhancing domestic resource mobilisation, the HE Mr. President also approved, and we passed into law the 2020 Finance Act,” the minister said.
Ahmed, however, called on the advisers to the ministers play a supportive role to their bosses in the design and implementation of policies that would sustain the economy, in line with government’s priorities.
The German Ambassador to Nigeria, Ms Birgritt Org, who was represented by Mr Uche Nwosu, advocated good governance, saying it is capable of meeting the current challenges.
In his welcome address, the KAS country representative, Dr. Vladimir Kreck, called on the participants to be empowered by the capacity workshop to become drivers of change in Nigeria.
