SAT, MARCH 14 2020-theG&BJournal-Nigeria’s Minister of Finance and National Planning Mrs Zainab Shamsuna Ahmed made clear Friday that the country would adjust its financing priorities, saying that the government is looking for ways and means in which the revenue of government will be stabilized and funding for states through the Federation Account Allocation Committee (FAAC) process is continued at a level that is averagely expected.
Shamsuna Ahmed added, that the government ‘will manage the economy by prioritizing what it does during the period that there will be slow activities, so that when things pick up, everything will go back to normal.’’
‘’There must be continuous investments in critical infrastructure that would ensure continuous growth and also concentrate on programmes and projects that will enhance employment of our people.’’
With oil prices languishing around $30 per barrel on coronavirus (COVID-19) outbreak, the Federal Government responded Thursday with a different message and a committee to review the COVID-19 impact as well as the crash of crude oil price. Shamsuna Ahmed heads the Committee.
Government officials say they are not about to reverse the policy that they have applied in managing the economy out of recession and to the path of growth in the past 3 years. But behind closed doors they say they want oil prices to quickly race back to at least $40 per barrel to be able to fund the prioritized projects in mind.
The minister said she is expecting some approvals next week before she can reveal the specific approvals that they have been able to obtain from President Muhammadu Buhari.
So far, N285 billion has been released for capital project, and to a number of agencies. Releases have been made for education as well as health.
‘’The Ministry of Transportation, Works and Housing, Niger Delta, and a number of agencies that have important infrastructure projects, have received their funds,’’ Shamsuna Ahmed said.
In addition to N285 billion, about $220 million was released during the week for counterpart funding for railway projects.
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