(http://fmi.gov.ng/wp-content/uploads/2013/06/labaran-iweala-300x224.jpg)Minister of Information, Mr Labaran Maku with the Minister of Finance, Dr Ngozi Okonjo-Iweala The Minister of Finance, Ngozi Okonjo-Iweala has disclosed that the competitive disbursement of funds and envelope system in use in the public service, is to enable Ministers prioritize uncompleted capital projects.
The Minister further disclosed that, the national tax policy which was launched by the President in April, 2012 was meant to finance development projects being embarked by the present administration.
Ngozi Okonjo-Iweala said that the Nigerian economy though strong, faces challenges of inequality and inclusion, saying the exchange rate is stable, dollar exchange rate has been between ₦155 and ₦160 over the last two years; rate of inflation is coming down with inflation rate slowed to 9.1% from 12.4% in May, 2011.
On external reserves, the Minister revealed that there has been a rise from $32.08 billion in May, 2011 to $48.4 billion in May, 2013. "The Excess Crude Account (ECA) component of external reserves has grown from about $4 Billion in May, 2011 to around $9 billion at the end of 2012 and to about $6 billion in May, 2013. ECA is now helping the economy since oil production has fallen from the projected 2.53 million barrels per day to between 2.1 – 2.2 million"; the Minister explained.
Iweala revealed that Nigeria's GDP growth is one of the fastest in the World, with GDP growth in 2013 projected at 6.75% (NBS) and 7.2% (IMF); adding that the Sovereign Wealth Fund has been put in place to provide emergency savings for the country.
Further achievements of her Ministry listed were that: The 2013 budget was prepared on time and passed on 20th December, 2012; reduction in the cost of governance regarding recurrent expenditure and completion of unfinished capital projects; change in waiver and tariff policies in agriculture, power, aircraft spare parts and solid minerals sectors.
In the Minister's words, "Trade has improved with import of textiles, plastic & rubber, paper & paper making materials.
Exports are up in the area of plastic & rubber, vegetable products, prepared food stuff and beverages. Non-oil exports have increased from 9% of total exports in 2008 to 31% in 2012. Oil exports are now 69% of total exports, compared to 91% in 2008. With recovery of tax arrears in the sum on ₦704.8 million, tax investigation and enforcement activities has resulted to recovery of over ₦10.65 billion"; she explained.
Earlier in his opening remarks, the Minister of Information, Labaran Maku said, "The country was backward in economic status prior to the present administration, noting that the Nigerian economy has been growing as a result of the
President's initiatives. The Ministry of Finance has accorded adequate growth management to the economy in terms of GDP and making the country one of the twenty largest economy in 2015″; he expressed.
Labaran Maku said that with the launching of YouWin Programme by the Youth Development Ministry, Nigerian youths have been inspired to win laurels for the country and youths are getting stronger in sports and other aspects of life with proper funding and financial management.
(http://fmi.gov.ng/wp-content/uploads/2013/06/Mrs-Kehinde-Ajoni-300x224.jpg)Permanent Secretary,Ministry of Information, Kehinde Ajoni The Permanent Secretary of the Ministry, Kehinde Ajoni whilst expressing the vote of thanks, expressed appreciation to the Ministers of Youth Development and those of Finance for their activities towards sustaining progress for the country in their domains. She noted that Nigeria has experienced enormous transformation under the present administration.
Via: Federal Ministry of Information (FMI) Nigeria