(http://fmi.gov.ng/wp-content/uploads/2013/06/ministers-of-finance-300x224.jpg) The Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo Iweala has said that the nation's economy is growing, but faces challenges.
The Minister announced this at the on-going second edition of Ministerial platform at Abuja, while presenting her Ministry's score card for the last two years of President Goodluck Jonathan's administration.
She said, the economy is strong and stable even though there are some challenges being tackled. The Minister assured that with the current transformation, the Ministry was able to accumulate reserves which make the exchange rate stable, thereby making the inflation rate slide down to 9%.
(http://fmi.gov.ng/wp-content/uploads/2013/06/labaran-iweala-300x224.jpg)"The present administration supports the policy of savings as it believes that putting aside some money for emergencies is very important, which led to the creation of Sovereign Wealth Fund to stabilize the economy"; the Minister stated.
She added that the Government has put in place systems to increase efficiency in public financial management; according to her, through introduction of measures like Integrated Payroll & Personnel Information System (IPPIS) which enhances efficient personnel cost planning and budgeting, as personnel cost is based on actual verified numbers and not on estimates.
The Minister added that other measure taken is the introduction of Government Integrated Financial Management and
Information System (GIFMIS) which is aimed at improving the acquisition, allocation and utilization of public financial resources using automated and effective economic information systems.
While concluding her address, the Minister announced that her Ministry is mobilizing resources for all other sectors of the economy to encourage growth.
Earlier in his remark, the coordinating Minister of the 2013 platform and Minister of Information, Labaran Maku, appreciated the Minister for using her good offices to ensure that the economy is growing faster and stronger.
Via: Federal Ministry of Information (FMI) Nigeria