The Minister of Finance, Kemi Adeosun, has indicated that next year shall be tough for Nigeria, and that the Federal Government will make extremely tough decisions.
Adeosun gave this forecast while speaking at the opening of the 7th Annual Bankers Committee retreat yesterday in Lagos, noting that Nigeria was faced with some fairly significant micro-economic challenges that required some fiscal house-keeping.
Adenosine said: “It is going to be tough and we are going to have to make extremely tough decision. We have got the resilience and space to do that.”
Adeosun noted that the country fortunately has some head-room, as the debt to GDP ratio is at 12 percent and that gives some space to run a deficit budget with the specific objective of stimulating the economy.
“To do so, we need to do some fiscal housekeeping. We have to control the significant challenge we have around recurrent. If you look at recurrent at a percentage of our total budget with the just approved supplementary budget, it is about 90 percent. If we continue in that trajectory, every penny we borrow will go into recurrent,” she said.
The minister, who was enthusiastic that Nigeria can overcome the challenges however, warned that she was not attempting to white-wash everything or paint a rosy picture. Click to signup for FREE news updates, latest information and hottest gists everyday
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That means you guys lack direction and ideas. If at this level we are not getting a promise of salvation that means there is no more hope. Telling us next year will be tough means that you are not felling the pulse of the masses. So sad.
ReplyDeleteGo and f**k Tinubu your boy friend
ReplyDeletewe have just seen a glimpse of APC change in 2015, the worst might be experienced in successive years to come. Nigerians should prepare for the worst of things. Can anything good come out of APC?
ReplyDeleteDespite the current hardship, Mr President is there praising musicians and artists, while the finance minister is forecasting a hopeless 2016. May Nigerians not regret ever voting APC into power.
Fashola is there planning to increase electricity tariff and introducing toll gates, as minister of power and infrastructure. Where is the hope of the common masses whose mandate and votes gave you the power you enjoy today? Is making life difficult for living is part of the bargain? WE DON SUFFER FOR NIGERIA!!!
Do you guys look at Economic trends all over the world? Your National assembly guys refused to cut their allowances! As the woman has pointed outed out (even Okonjo Iweala too ) has always mainyained that we need to cut down drastically, our recurrent expenditure of we must make way for a better tomorrow. Politicians like Ekwerenmadu should shut up and agree for a pay cut (in allowances).
ReplyDeleteEven the tax free nations like Qatar, UAE, Kuwait are planning to introduce tax despite of their solid and strong economy due to high fall in crude oil price to stabilize their economy.
ReplyDeleteWhat else can Nigeria do that has been broken down already.
Please lets be reasonable and realistic at times