By Chimezie Godfrey
The Minister of Finance, Budget and National Planning, Zainab Ahmed has said that Nigeria’s economy remains largest in Africa with with over $400 billion in GDP.
The Minister stated this Tuesday in Abuja at the Town Hall meeting on the achievements of the Federal Government of Nigeria in infrastructure development in Nigeria.
The event organised by the Ministry of Information and Culture was aimed at sensitizing the impacted communities, key stakeholders, the public and the nation on the infrastructure projects and programmes undertaken by this Administration to create the enabling environment for socio-economic growth and development.
Zainab noted that the country’s huge and growing population offer both an economic challenge and opportunity.
She said despite constrained revenue proceeds brought on by several multi-dimensional factors, including the global pandemic and its impact on the domestic economy, the country still boosts of the largest economy in Africa.
She said,”Firstly, I wish to commend the Honourable Minister of Information and Culture and the Ministry for organizing and hosting this Town Hall meeting. It is indeed very important to sensitise the impacted communities, key stakeholders, the public and the nation on the infrastructure projects and programmes undertaken by this Administration to create the enabling environment for socio-economic growth and development.
“Nigeria’s economy and population remain the largest in Africa with over $400 billion in GDP and over 200 million people. The country’s huge and growing population offer both an economic challenge and opportunity, in the light of constrained revenue proceeds brought on by several multi-dimensional factors, including the global pandemic and its impact on the domestic economy.
“Against this backdrop of challenges, this Administration has successfully implemented a range of infrastructure programmes that have had a positive impact on the lives and livelihoods of the citizenry. During my presentation, I will highlight some of these programmes initiated by the Federal Ministry of Finance, Budget and National Planning, as well as those initiatives that the Ministry is helping to facilitate in other Ministries.
“Before I proceed with these initiatives, I would like to use this forum to reiterate that good quality infrastructure is important, not only to engender and accelerate economic growth, but also to ensure and enhance inclusive growth for all within a nation space. Subsequently, this Administration continues to prioritize spending on infrastructure and human capital to catalyze rapid economic development. In 2022 alone, we plan to spend about N1.42 trillion on infrastructure and N2.11 trillion on human capital development.”
Some of these initiatives include Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (RITCS), and the Nigerian Sovereign Investment Authority (NSIA) Infrastructure Development Projects (NIF), among others.
Zainab said the RITCS has assisted to complement and ameliorate the burden of funding significant capital outlays on road projects by the Federal Government, while the
NSIA has helped to catalyze the growth of key sectors, support projects of national importance and attract FDIs in the infrastructure sector.
According to her, some of the sectors of interest include Agriculture, Healthcare, Power, Gas, among others.
Also, speaking, the Minister of Power, Abubakar Aliyu said that the government of President Muhammadu Buhari has consciously and deliberately embarked on massive people oriented infrastructural projects nationwide despite its lean financial disposition occasioned by low oil prices since its inception in 2015.
Aliyu pointed out that power plays a critical role in the growth and development of the country, adding that as contained in the national developement plan, that the Government aims to increase power generation, transmission and distribution by 2025.
“This no doubt requires having a reliable and sustainable supply of natural gas to the thermal generating plants and unlocking additional generating capacity in Northern Nigeria whilst also optimizing transmission and distribution network to ensure all generated power is effectively utilized,” he said.
The Minister stated that so far the Ministry has executed some projects currently at various levels of completion under its agencies which include; Rural Electrification Agency (REA), Nigerian Electricity Regulatory Commission (NERC), Transmission Company of Nigeria (TCN), Nigerian Electricity Liability Management Company (NELMCO), National Power Training Institute (NAPTIN), Niger Delta Power Holding Company ((NDPHC), among others.
The Minister stressed that the present administration under the stewardship of President Buhari is committed to completing all on-going projects spread across the six geo-political regions of the country.
He assured that with Mr President strength of character and commitment, most of the projects would be commissioned before the expiration of the present administration.
The Minister of Information and Culture, Lai Mohammed in his remark said loans acquired by the Federal Government were invested in infrastructural development of the country.
Mohammed who appreciated the Minister of Finance, Zainab Ahmed for clear explanation on the Federal Government’s sources of fundings and what they are used for, said the borrowed money is driving economic growth.
He said,”We saw how the Honourable Minister of Finance set the stage by telling us how we source our money and what we do with the money. The honourable Minister told us in particular where all the money went, and where all the money is beginning to drive economic growth, and likely implementation of infrastructural projects.
“Am sure you will agree with me that what you hear is borrowing, I think today we heard not only what the government is able to do with money, but also the impact of the borrowed funds to our people. In other words, we borrow to provide food, to provide power, to provide bridges, to provide airports, to provide water, and of course,when we do that people are happier.
“In particular, the Minister has told all of us what the budget was in 2015 and what is
the Honourable Minister said what the budget was in 2015 was a paltry 19.82 billion naira and it grew to N399bn naira in 2021 and then to N531.6bn in 2022, which is an increment of about 1000%.
“In other words, when we came in 2015 even there was 100% release of what was budgeted for works only 19.8bn could have been released to the ministry be used to build roads and bridges all over the country, compared to today where it is almost half a trillion naira. This has clearly shown that this administration has pumped a lot of money into the economy.”
Dignitaries who were present at the occasion include representatives of Service Chiefs, Traditional rulers, Religious leaders, DG NTA, DG NOA, DG VON, DG NIHOTOUR, GM CEO, National Theater, among others.
