The federal government says it has done so well that in the last three years 40 million Nigerians are comfortable enough to own cars.
Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala made this disclosure yesterday in Abuja. According to her, “the improvement in the economic situation of Nigerians based on concrete steps has led to a situation where about 40 million Nigerians are comfortable to have cars.”
She then argued that if the tempo at which the country is performing is sustained in the nearest future, Nigeria will become one of the biggest 20 economies in the world.
The finance minister also disclosed that the federal government has so far mobilized over N2.4 trillion from external sources in the last three years to execute key projects.
The monies, according to the minister, were sourced from multilateral agencies with long gestation repayment period and zero percent interest charges.
She spoke on yesterday in Abuja at the Presidential Public Affairs Forum organised by the Office of the Senior Special Assistant to the President on Public Affairs where she emphasized that government is determined to be very prudent in the area of expenditure finance and has chosen to keep borrowing to a tolerable limit while concerted effort will be made to broaden sources of revenue outside of oil.
Ngozi Okonjo-Iweala also stated that the Goodluck Jonathan administration has reformed the import waiver system but emphasized that the policy was selective.
She said prior to the advent of Jonathan as president, the import waiver system was characterized by sharp practices. According to her, “before President Jonathan came on board, the import waiver system was bad. They were either issued arbitrarily, were lopsided and not good for any economic environment.”
She added that three years ago, when she came on board as minister the first issue the president put before the first meeting of the National Economic Management team was the import waiver which he felt was selective, lopsided and led to the midnight visits. “We are happy to announce that the policy has since been reversed and the import waiver system reformed.”
She stated that the reform of the waiver system was not the only significant achievement of the Federal Government under President Jonathan. She noted that another key indicator of the positive transformation in the economy was the rebasing of Nigeria’s economy, which she said has come after just three years of the present administration.
According to her the positive transformation agenda as championed by the administration has led local and international investors to find the business environment in Nigeria healthy thereby leading into massive investments as exemplified by the likes of Alhaji Aliko Dangote whom she said has invested $16 billion.
She also disclosed that housing refinancing has also been put in place and many Nigerians have already benefitted from it with more to key into it in the near future where young Nigerians will be able to owe houses with payment spread across 20 years.
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