“This administration (of Buhari) will state the fact as they are and be honest with Nigerians so that we can work collectively to fix all the problems, rather than pretend there are no problems.”
Adeosun, who appeared before the Senate on Thursday where he answered questions about ensuring that the agencies under the ministry of finance are properly scrutinised, acknowledged that work is on-going to ensure improved efficiency and fiscal discipline.
The Minister confirmed that Nigerian Customs will be reformed under this administration and steps are already in place to do so.
“We also learned that a multi-agency committee has been set up to review waivers: a new policy on waivers will be published shortly. Loop-holes and leakages will be closed and a clear strategic approach will be applied to import waivers.
“This policy will ensure that any waiver will be tied directly to economic growth and diversification.”
Adeosun said that the reality of the economy is that Nigeria most start to save, adding: “we cannot continue to spend all our earnings. We must start to save. It is our collective responsibility.”
The Minister attributed the current increase in prices of Agricultural products in Nigerian markets to payment delay to fertiliser producers in the past. According to he, the situation has led to crop failures and subsequently a lower output of basic products for the markets.
“Naturally prices increased due to these shortages.”
The minister said that plans are on the way for implement the poverty alleviation programmes most of which will be channelled through agriculture.
“We can expect a bumper harvest. What we must guard against is over supply and we will work with the farmers in this regard.
“Money has been pushed out in corn, rice and millet. We have widened the definition of Internally Generated Revenue of all states. This will encourage each state to look inward and increase production especially in agriculture.
“We are working on the recapitalisation of the Bank of agriculture and we will come up with a plan in the next 30 days. “All agricultural machinery is allowed to be imported with Zero import duty”
Responding to the issue of the size of the nation’s economy, the Minister stated that “Nigerians should not panic. We are still the biggest economy in Africa and we will still get better.
“When you have two consecutive quarters of negative growth, you are technically in a recession, but that notwithstanding, our focus should be on the progress we are making.
“We are tackling infrastructure deficits. Our focus towards economic diversification is to bridge the infrastructural gaps.”
The Minister stressed the need to promote patronage for made in Nigeria products, saying that Made in Nigeria must be promoted and prioritised across all sectors of Nigeria.
When asked about implementation of budgeted constituency projects, the minister said: “everything in the budget needs to be implemented or else there is no sense in passing the budget.” [myad]
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