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Nigeria to focus more on capital expenditure

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Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, says the Federal Government will prioritise its expenditures to favour major capital expenditures with a greater impact on the 2020 budget.

Speaking on the side-line of an international conference on “Commodities Trading Ecosystem’’ on Monday, 16 March 2020 in Abuja, Ahmed said that the decision followed the recent unfolding global events of the coronavirus pandemic and the oil price war.

Local media reports on Tuesday said that Ahmed stated that only capital expenditures, which would create jobs and enhance the ease of doing business in the country, would be considered before others. She stated that although the oil sector contributed to only nine percent of the economy, it is a large driver of government revenue and the non-oil sector.

“It is a real call for us that we must develop the non-oil attitude in everything we do.

“It is a time for us to review what we have planned and to prioritise expenditure in favour of major capital expenditure that will have greater impact that will create jobs and visibility and also enhance the ease of doing business in our country.

“Any expenditure that is not critical, we must defer to do it at a later time when things become more normal,’’ the reports quoted the Minister as saying.

The two-day conference with the theme`Commodities Trading Ecosystem: Key to Diversifying Nigeria’s Economy’, was organised by the Securities and Exchange Commission (SEC). It attracted financial and capital market stakeholders from across the country.

– APA

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