Against fears on the rising debt profile of Nigeria, the Minister of Budget and National Planning, Senator Udoma Udo Udoma has declared that revenue generation and not debt is the country’s problem.
Udoma gave the submission while responding to queries from journalists at the sidelines of the ongoing Spring meetings of the International Monetary Fund and World Bank.
According to the minister, paucity of fund poses more problem to the country, which he said was why the Muhammadu Buhari administration gives much more attention to revenues generation.
“Our problem is not a debt problem, our problem is a revenue problem and so we are focused on generating much more revenues.
“As you are aware, we have the tax amnesty to try and increase the tax revenues being generated, we are looking at some of our excise duties and so the focus is to generate more revenues.”
The minister who admitted that rate of economic growth in Nigeria is still too slow, however, highlighted efforts put into place by the government to accelerate growth.
He pointed out target for the economy in the next two years, noting that surpassing that target will make him more comfortable.
“Our target is seven percent by 2020, that will make me comfortable, above seven percent will make me even much more comfortable,” he said, adding that “And that is why we are working so hard.”
“Even though we are working so hard, the rate of growth is still too slow. So we will like it to pick up and that is why there is a need to work hard.
“They say the result for good result is more hard work and so we are poised to continue to focus on the various measures on the ERGP.”
On the improvement achieved on the economy, Udoma said he has received positive remarks on the state of the economy and new investors who have indicated interest in Nigeria.