Ahmed also said Nigeria has not in anyway defaulted in its both domestic and foreign debt repayments, and is not opting for debt relief.
By Deborah Hassan
365Daily – The Minister of Finance, Budget and National Planning, Zainab Ahmed has declared that Nigeria is in a good financial state.
Stressing that the country is not broke, the Minister noted that funds due to the three tiers of government from the Federation Accounts Allocation Committee (FAAC) have continued to be disbursed as and at when due.
Speaking at the presentation of President Muhammadu Buhari Administration scorecard (2015-2023), she said the Federal Government has disbursed N5.04 trillion to state governments since it came into power seven and a half years ago.
Ahmed emphasised that the oil-sector has been underperforming due to increased vandalism of its infrastructure, while the non-oil sector is now driving the nation’s economy.
However, she added, oil production is increasing, and as at October 2022, 1.4million barrels were produced per day.
On funding of capital projects, the Finance Minister disclosed that capital N1.7trillion has been released for this year’s capital projects, as at September 2022.
Ahmed also said Nigeria has not in anyway defaulted in its both domestic and foreign debt repayments, and is not opting for debt relief.