Finance Minister Insists That Buhari’s Government Has Done Well

Nigeria’s Minister of Finance, Budget, and National Planning, Zainab Ahmed, has revealed  that the Buhari-led administration has done very well when compared to how it met the economy in 2015.

Speaking yesterday, after the Federal Executive Council, FEC, meeting presided over by President Buhari at the Presidential Villa, Abuja, on Wednesday, July 27.

Finance Minister Insists That Buhari's Government Has Done Well
Zainab Ahmed

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The Minister, when responding to questions from journalists after the FEC meeting said, “I need to remind us all the that in 2015, when this administration came in, we met a crisis in the oil and gas sector; as there was a major slump in crude oil prices and there was a very significant slump in crude oil production”.

According to the Minister of Finance, Budgeting and Planning, there was a time the volumes went as low as one million barrels per day. We were able to take measures to reflate the economy and exit recession within three quarters.  By the fourth quarter, we were out of recession.

The other thing I need to remind us is that this administration has been able to realize the lowest oil and gas revenue, compared to all previous administrations, it has also been able to do much more in terms of deployment of infrastructure. So, the administration has done well.” she said.

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When asked about the reduction in the balance of the Excess crude Account, Ahmed, responded thus, “on the Excess Crude Account, the sum of $1 billion was withdrawn from it for the procurement of arms, in consultation with state governors.

“Furthermore, because of the volatility of the oil market, we have not had accrual to the account in the last four years.

“So, what we have had, has been gradually used up for different purposes and it is always used in consultation with the National Economic Council, NEC, that is the governors, because this is a federation account.

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