Minister of finance reveals when Nigeria's economy will bounce back

Nigeria's Minister of Finance, Zainab Ahmed

Federal Government of Nigeria has predicted that Nigerian economy will rebound northward in the first quarter (Q1) of 2021.

Minister of Finance, Zainab Ahmed, made this disclosure during a courtesy call paid to her by board members of the Federal Inland Revenue Service (FIRS) on Tuesday.

Zainab hinged her optimism on the minimal impact of the Coronavirus pandemic on Nigerian economy. She said: “The shocks have not manifested as expected, and the pandemic has not impacted much, especially in Nigeria because of the proactive measures taken by government especially in the health sector.”

A statement issued and signed by Special Adviser Media and Communications to Minister of Finance, Yunusa Tanko Abdullahi, quoted Zainab Ahmed as saying: “We are expecting that by the first quarter of 2021, we shall be okay.”

The finance minister reminded the FIRS board members that there are other government obligations and debt servicing which requires revenue to fund and that the government has seen that the capacity to do more is there and expects FIRS to do more. 

Nigerian Finance Minister said she was happy that the FIRS has remained resolute as both Value Added Tax (VAT) and Stamp Duty have helped in boosting the revenue.

FIRS Chairman, Mohammed Nami, said the agency is doing well and the reforms are working.

READ ALSO: PHOTONEWS: Nigeria's richest woman Folorunso Alakija annoints church members

He added: “In three to five months, FIRS has been contributing up to 70 percent of Federation Account Allocation Committee (FAAC) allocation.”

He noted that oil figures were down and that COVID-19 has impacted negatively and, therefore, a lot of reforms being carried out are already yielding results. The FIRS team solicited the minister’s support for their reforms.

OGBONGE NEWS

Connect with Ogbonge News on Whatsapp

Do you have newsworthy Lagos info for us or would want to be updated about latest Lagos news as they break? If yes, then connect with us on Whatsapp - 0905 719 7318 

***

SPONSORED:   

- Make your loved ones feel good on their special day with Ogbonge Celebrants' Shout-outs  

- Want bullet-proof version of any vehicle you desire in Nigeria? Here is how. 

- Play, download and be notified of latest naija music releases on BZBD.   

- Are you an upcoming artiste but want to see your songs trending on BZBD, Soundcloud, Deezer, Youtube, FB, IG, Twitter, iTunes? If yes, click here.    

- Advertise your products/services here with ON-textadlinks at the rate of N10, 000/link. Contact us for your ad placement.