“Nigeria Can No Longer Be Termed Mono-Economy” – Finance Minister, Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed said Nigeria can no longer be termed a mono-economy.

FG Says Nigeria’s Economy Is No Longer Dependent On Oil

The minister disclosed this during the ongoing “Public Presentation and Breakdown of the Highlights of the 2023 Appropriation Act”.

According to her, Nigeria’s economy is now diversified because the country no longer depend on oil and gas.

Ahmed attributed the change to the revenue increase from non-oil sectors.

She said, “We can no longer be termed a mono-economy. Nigerian economy is now diversified.

“The non-oil sector is now generating more revenue for the nation while oil and gas, and mining sectors are pulling back the economy.

“The major non-oil contributors to the country’s revenue are Agriculture and financial services.”

According to her, the country lost over N6 trillion from tax incentives.

“Government will exempt some industries from pioneer status tax incentives,” she said.

The minister said President Muhammadu Buhari will sign the Finance Bill 2022 “in a couple of days”.

She attributed the delay to the President’s insisting that legal experts must scrutinise the Bill.

KanyiDaily recalls that Zainab Ahmed said Nigeria’s level of borrowing for infrastructure is not unreasonable and not high.