The federal government on Monday assured that it is working with states to strengthen their domestic revenue mobilization capacity to support the development of key sectors of the economy.
These sectors include health care, agriculture, and small and medium-sized enterprises to further stimulate economic growth, create employment opportunities for our growing youth population, and alleviate poverty.
The Minister of Finance and Economic Coordination, Wale Edun, dropped the hint in Asaba, Delta State during the commencement of a two-day training camp for members of the Federal Account Allocation Committee (FAAC).
He said FG is similarly collaborating with the World Bank on programs aimed at increasing the ease of doing business by providing an enabling environment through the removal of existing bottlenecks.
The program, tagged State Action on Business Enabling Reform (SABRE), is scheduled to run from 2024 to 2026.
The retreat, which was declared open by the Delta State Governor, Sheriff Obolewori, is themed “Creating a resilient economy through diversification of the country’s income”.
Mr. Edun, who was represented by the Permanent Secretary (Special Affairs) of the Federal Ministry of Finance, Okokon Ekanem Udo, said other intervention programs by the World Bank and other international organizations would continue unabated.
Commenting on the economic reforms undertaken so far by the President Bola Tinubu-led administration, Edun noted that the government was not indifferent to the immense hardships being experienced by Nigerians.
“Government remains aware with deep concern of the challenges faced by Nigerians in dealing with not only the rising price of petrol, but also the overall rise in prices of goods and services.
“All the sacrifices made by the people will never be forgotten as the government continues to intensify recovery efforts with a focus on achieving inclusive economic growth and development and is committed to ensuring the economy returns to normalcy.” I’m happy to reaffirm that it’s not in vain,” he said.
Mr Edun said the administration was also introducing mitigation measures to cushion the “unintended economic impact of ongoing reforms”.
Governor Obolewori, represented by Deputy Onyeme on Monday, declared the start of the withdrawal, noting that previous efforts to diversify the economy had not yielded the best results.
“Dating back to 1962 when the first National Development Plan was launched, Nigeria has struggled to rise to the challenge of economic diversification.
“Since the turn of this century, the National Economic Empowerment and Development Strategy (NEEDS), Vision 20:2020, and Economic Recovery and Growth Plan have been developed, all with the aim of achieving economic independence and developing non-oil industries. Promote exports and build a globally competitive economy. Unfortunately, diversification remains largely unrealized.
“The COVID-19 pandemic, persistent inflation that currently stands at 30%, worsening macroeconomic instability, exchange rate fluctuations, and rapid population growth mean that Nigeria needs to urgently diversify its economy. It highlights the need.
“As the global transition from fossil fuels to renewable energy progresses in the near future, the outlook for Nigeria is bleak. This means that diversification is no longer an ideal, but essential for sustainable economic growth.” about it.
“What we do now will have a profound impact on current and future generations of Nigerians,” he said.