Mrs Kemi Adeosun spoke at
the 10th Annual Conference of the Nigerian Bar Association (NBA) Section on
Business Law in Abuja, the minister said the wastefulness in Nigeria was so
much that even bigger oil producing nations were not as wasteful.
The Minister of Finance,
Mrs Kemi Adeosun, yesterday said Nigeria for many years, had been what she
termed “extremely wasteful” in financial expenditure.
She, however, stressed that
only financial discipline and diversification as currently being practiced by
the President Muhammadu Buhari-led administration could pull the country out of
the present economic situation.
On the government’s
economic strategy, Mrs. Adeosun said the way forward was the diversification of
revenue sources to insulate the country against the unstable oil market.
“We are not an oil economy
that can afford to be wasteful. Even those that have lots of oil are not
wasteful. We’ve been extremely wasteful. So we have got to be disciplined and
invest in the things that will drive the wider economy”, she said.
“We have had GDP growth
without development. That is extremely dangerous. Because you look at the GDP
numbers that say eight per cent, nine per cent and everybody will feel very
excited. But poverty and inequality has been growing”, she stressed.
The minister further
commended President Buhari’s “unwavering commitment to fight corruption”,
improve transparency and the business climate, which she says will attract more
investments in the country.
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