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

Zainab Ahmed
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.

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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.

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