The former Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has described the past eight years of her stewardship as being eventful, and shaped by the profound impact of two recessions stemming from the 2016 oil price collapse and the 2020 COVID-19 pandemic.
She added that in spite of these challenges, swift monetary and fiscal responses facilitated the economy’s prompt recovery from these downturns, noting that the story has been that of resilience and managing multiple challenges across very difficult times.
Mrs Ahmed who spoke during her valedictory remarks said,
“The past eight years have been eventful, marked notably by the profound impact of two recessions stemming from the 2016 oil price collapse and the 2020 COVID-19 pandemic. Despite these challenges, swift monetary and fiscal responses facilitated the economy’s prompt recovery from these downturns. For us, the story has been that of resilience and managing multiple challenges across very difficult times”.
According to Mrs Ahmed, the Ministry implemented far reaching measures to contain the adverse impact of the pandemic on citizens, as well as to resuscitate the economy.
The measures, she explained encompassed various fiscal instruments, such as tax relief measures to alleviate the burden on businesses and vulnerable households, adding that Government adopted various approaches to finance spending, such as budget reallocation, supplementary budgets, draw-down on government savings, and additional borrowings.
Mrs Ahmed stated: “The Ministry implemented notable reforms to support economic recovery and resilience; committed to medium-term revenue and expenditure frameworks to strengthen public finances, create fiscal space, and keep public debt on a sustainable path.
“Our dedication to revitalising revenues over the medium term, led to improved non-oil revenue under the Strategic Revenue Growth Initiative (SRGI). Despite revenue challenges, government consistently met its debt service commitments, while post financing assessments showed adequate capacity to repay loans.
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“As economic growth gained firmer footing, our focus shifted towards fiscal consolidation. This included streamlining new taxes and intensifying expenditure control measures, with resolute commitment to advancing expenditure rationalization initiatives.
“The passage of the Petroleum Industry Act 2021, which took effect in early 2022, and the consequent establishment of the NNPC Limited, is expected to increase investments and strengthen oil revenues. Additionally, there were Executive Orders on Promoting Procurement by Government Agencies; and the Promotion of Transparency and Efficiency in the Business Environment”.
She pointed out that economic diversification remained a key priority for Nigeria, consequently, the development plans under her watch encompassed initiatives for developing supportive infrastructure and reforms aimed at reducing dependency on oil, alleviating inequality and unemployment, establishing robust and effective institutions, and addressing governance issues.
“Specific details reflecting some of our major milestones are contained in the Report titled: “Resilience in Times of Crises: Managing Challenges for Economic Recovery”. The Report is an attempt to spotlight some of our major achievements and document ongoing initiatives which would accrue to the benefit of Nigerians if carried forward by the incoming federal government. The Report summarizes a range of initiatives undertaken by the Ministry to bolster economic growth and development during my tenure as Minister”, Mrs Ahmed further stated.
She however noted that none of these accomplishments would have been possible without the strong support of all the critical stakeholders which ultimately resulted in improvements to the lives of all Nigerians.
Mrs Ahmed said, “Today is not just about reflecting on the past; it is also about embracing the future. As I step down from my role, I am confident that I leave behind a solid foundation for my successor to build upon.
“Our nation’s economic trajectory is positive, and the path ahead is filled with tremendous opportunities. However, challenges remain, and it will require continued dedication, resilience, and innovative thinking to address them effectively”.
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