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Business News of Wednesday, 4 January 2023


Nigeria no longer a mono-economy - Fed Govt

Zainab Ahmed, Minister of Finance, Budget and National Planning Zainab Ahmed, Minister of Finance, Budget and National Planning

The Federal Government on Monday said the economy was no longer dependent on oil.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this declaration in Abuja.

She spoke at the ongoing “Public Presentation and Breakdown of the Highlights of the 2023 Appropriation Act”.

“We can no longer be termed a mono-economy. Nigerian economy is now diversified,” she said.

She attributed the change to the revenue increase from non-oil sectors.

Mrs Ahmed said: “The non-oil sector is now generating more revenue for the nation while oil and gas, and mining sectors are pulling back the economy.

“The major non-oil contributors to the country’s revenue are Agriculture and financial services.”

According to her, the country lost over N6 trillion from tax incentives.

“Government will exempt some industries from pioneer status tax incentives,” she said.

The finance minister said President Muhammadu Buhari will sign the Finance Bill 2022 “in a couple of days”.

She attributed the delay to the President’s insisting that legal experts must scrutinise the Bill.