The Minister for Finance speaks on efforts of the FG towards diversification of the economy towards Agriculture:
“We have spent N247.9Billion till date on Capital Expenditure.
“We are working on the recapitalization of the Bank of Agriculture and we will come up with a plan in the next 30Days.
“Things are tough and we are not ignorant of that.
“Our Revenues are looking well; FIRS and Customs are doing well in terms of this.
“Nigeria is weathering the storm so far. We need the Public Procurement and UBEC Laws to be amended.”
Senators Sabi Aliyu Abdullahi and Deputy Senate President Ike Ekweremadu now engage Minister for Finance.
Leader of the Senate senator Ndume just asked Minister of finance if PDP left anything in the reserve.
Senator Mohammed Hassan raises salient concerns about the recent IMF forecast and how Nigeria will cope with Foreign Exchange pressures.
Senate Leader Senator Ndume also asks the position of exchange rates as the budget was based on N197/ per dollar & today is going for N418.
Senator Nelson Effiong asks about the true state of matters regarding the implementation of Zonal Intervention and Constituency Projects.
“I am not too worried about IMF news projections,” said Mrs Kemi Adeosun.
Senator Effiong further asks Mrs Adeosun about the growth of the Naira against other currencies and bailout Funds given to States.
Senator Abdullahi Adamu asks what the fiscal policies are about machineries needed for agricultural production.
“My view on the 60 billion constituency project: Everything in the Budget needs to be implemented…
“Or else there’s no sense passing the budget,” said Mrs Adeosun.
“We cannot begin to summersault when somebody from abroad says something or gives an opinion.
“Nigerians should not panic. We are still the biggest economy in Africa and we will still get better,” she added.
Minister for Finance, Mrs Adeosun assures that all Agricultural Machineries are allowed to be imported with Zero Import Duty.
“We have widened the internally generated revenue of all states. All Agricultural equipments are coming in on Zero duties,” she says.
Minority Leader Senator Akpabio commends Finance Minister Mrs Adeosun for her presentation; He asks her to ‘walk the talk’.
Minority Leader Senator Akpabio also asks the finance Minister to give clarity on subsidy implementation & excess crude account.
Deputy Senate Leader Bala Ibn Na’Allah as well asks the Minister for Finance questions.
Addressing Senator Akpabio question on subsidy, she said: “I can confirm that there is no more subsidy”
“Are we on recession? Technically, yes, we are.
“The violent activities in the Niger Delta affect revenue”
Senator Yayi Adeola asks Minister Mrs Adeosun succinctly: “what is the fiscal strategy in place to diversify the Nigerian economy?”
Senator Yayi Adeola also asked: “In terms of revenue profile you need to brief us, I know for a record that there is still much to be done”
Senator Olujimi says 27 States can’t pay Salaries; the markets are dry; no one is selling nor buying while the Minister paints a rosy picture.
Senator Biodun Olujimi says the Federal Government does not have an economic blueprint nor an economic team.