The Federal Government says the contribution of non-oil revenue to financing the federal budget has risen to 73 percent. In the light of this, Minister of Finance, Budget and National Planning, Zainab Ahmed, said Nigeria is in good economic standing and not broke.
Speaking on Thursday at the sixth edition of President Muhammadu Buhari’s Scorecard in Abuja, the minister noted that the country had witnessed two recessions during the Buhari administration. “The non-oil revenue share of funding the Federal Government – we’ve been able to succeed in turning it around (from) the non-oil revenues contributing 30-35 percent to the federal budget,” she said.
“Now, it is 73 percent financing of the federal budget and that is very significant. That is to emphasise that the non-oil sector is growing and contributing significantly and that is what is really holding the economy now. It is the oil sector that is lagging behind.”
She stated that with the support of the president, the Federal Government had been able to disburse N5.03 trillion and an additional $3.4 billion to states over the course of the Buhari administration.