Minister of Finance, Mrs. Kemi Adeosun, has said the government plans to reset Nigeria’s economy with structured borrowing, targeted investment and diversified growth.
Adeosun, who spoke to journalists after a special event hosted by the Lagos Business School at the weekend, also said part of the cash set aside to finance some energy projects would be used to help fund the budget.
“We have inherited a set of conditions that requires us to refine how we collectively work towards ushering in a new era in Nigeria,” she said.
Pointing to the impact of falling oil prices on the economy, the minister said: “In the past, we had the means but not the will. Now we have the will but we no longer have the money to invest. The safety blanket of oil has been ripped away, laying the poverty of Nigeria’s institutions bare.”
She added: “We have spent too many years tinkering at the edges of our institutions, our infrastructure and our economy and the mistakes and misjudgment of the last 40 years have set our clocks back by decades.
“We must collectively adopt a blueprint that equips the future generations to be creative and dynamic, that allows us to articulate a vision of a Nigeria, with a strong educational foundation; rich in depth of knowledge with a breadth of skills, an expansive infrastructure capable of servicing the needs of a nation of 150 million Nigerians.”
On the N1.8 trillion borrowings to invest in railway transportation, roads, housing, power and health, the minister said: “We are committed to a countercyclical budget expenditure model. This has been a success in other nations, offsetting the risk of recession and creating an economy which is not based on either fragile consumer spending or over-reliance on oil.”