Finance Minister Reveals The Percentage Contribution Of Non-Oil Sector To Budget Financing

Finance Minister Reveals The Percentage Contribution Of Non-Oil Sector To Budget Financing

According to the federal government, non-oil revenue now accounts for 73% of federal budget funding.

In light of this, Zainab Ahmed, Minister of Finance, Budget, and National Planning, stated that Nigeria is in good economic standing and is not bankrupt.

Speaking at the sixth edition of President Muhammadu Buhari’s Scorecard in Abuja on Thursday, the minister said the country had experienced two recessions during the Buhari administration.

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“The non-oil revenue share of funding the Federal Government – we’ve been able to succeed in turning it around (from) the non-oil revenues contributing 30-35 percent to the federal budget,” she said.

“Now, it is 73 percent financing of the federal budget and that is very significant. That is to emphasise that the non-oil sector is growing and contributing significantly and that is what is really holding the economy now. It is the oil sector that is lagging behind.”

She stated that with the support of the president, the Federal Government had been able to disburse N5.03 trillion and an additional $3.4 billion to states over the course of the Buhari administration.

“Each of these payments has distinct payment terms. Some of them are grants, some of them are very soft loans with very low interest rates as well as very long tenures to enable the states to manage their economies well and contribute to the growth of the nation,” she added.

She stated that with the president’s support, the Federal Government was able to disburse N5.03 trillion and an additional $3.4 billion to states during the Buhari administration.

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