The Federal Government has said it sometimes borrows funds to buy petrol as the country continues to incur rising fuel subsidy bills.
“The quantitative easing that is being implemented by central banks across the world also contributes to the high cost of interest, resulting in the high inflation rate, and which means people’s spending power is weakened. So these are all indications that there will be a global recession.”
She said, “It is true that’s our reserves during the first global recession. Our reserves are now down to $34bn, and that is still a healthy level. It means we are able to meet at least six months of imports and other expenses into the country. She added, “Also, at that time we were able to scale back on some categories of government spending to enable us to invest more in the healthcare sector. So with the right policies we can weather another global recession.”Reacting to concerns that the Federal Government’s revenue projection of over N10tn for 2023 was too optimistic, Ahmed stated that a lot of measures were on the ground to realise this target.
“So there are some foundational measures that have been taken that have enabled the non-oil sector revenue to grow on a consistent basis, and not just by a little number, but a quite significant number.” The minister added, “Most of the fields that were previously not producing at the levels that they were supposed to produce, can now produce at maximum capacity. And also, oil price in the international market is still at a very reasonably high level.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2023 Federal Government budget and matters arisingAside the pomp and pageantry (a yearly ritual) that attended the signing into law of the Federal Government 2023 Budget, there is very little to cheer Nigerians who are conversant with the enormity of economic problems currently afflicting the country
Read more »
Subsidy: Stop 100 per cent fuel importation, Labour charges govt• Local refining is way out, says PENGASSAN • Govt using subsidy to blindfold masses, says Okon • Declare state of emergency, probe on subsidy, says Omoijiade • Labour to resist presidential candidates calling for removal, says NLC Notwithstanding proposals and campaign promises to end fuel subsidy, organised labour have insisted that until the Federal […]
Read more »
FG unveils 1,071 NHP homesTHE Federal Government has concluded plans to inaugurate 1,071 completed houses in eight project sites nationwide.
Read more »
Don't behave like ASUU, Ngige tells CONUA as FG finalises union's registration | TheCableThe federal government has finalised the registration process of the Congress of University Academics (CONUA),
Read more »
Mounting debts, fuel subsidy crisis: Mega burdens for new govtThe socio-economic challenges before whoever becomes Nigeria’s next president are daunting but contenders for the coveted seat have yet to impress Nigerians with their manifestos, OKECHUKWU NNODIM writes
Read more »
Fuel subsidy removal will improve Nigeria's revenues by at least N6 trillion - CPPEThe CPPE said the exchange rate assumption in the budget should be immediately reviewed
Read more »