Edge's News: Fix Nigeria’s Domestic Economic Growth by Investments - Ben Akabueze

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A combination of increased investments and public expenditure will drive domestic economic growth in Nigeria in 2022. Mr. Ben Akabueze, Director-General of the Federal Budget Office (FBO), said this at a recent NGX 2021 market recap and 2022 outlook webinar. 


Akabueze said the government had maintained an expansive fiscal stance over the years. In 2021 the government launched the National Development Plan 2021-2025, which sought to raise investments of N349trn with the private sector expected to contribute N300trn.

 

The budget boss stated that significant private investments are needed to improve infrastructure. The government had embarked upon policies like the Road Infrastructure Tax Credit Scheme to encourage investments in road construction.

 

The DG informed stakeholders that the government was open to public-private partnership (PPP) transactions, with airports up for concession.

 

"Nigeria has a deliberate strategy focused on non-oil revenue growth, and we are on a good trajectory in this respect: in 2015, oil revenue was 58% of FGN's projected revenue, while it is projected at 35% for 2022. In 2021, most non-oil budget revenues were above targets. 


The oil sector let the government down, with oil revenue coming 50% short of the target despite significantly higher oil prices than the budget benchmark. The shortfall was largely due to the effects of unbudgeted fuel subsidy and oil production below our OPEC quota", Akabueze added.


Speaking further on government expenditure, he noted that cutting back is not a viable option for several reasons; in the first place, Nigerians are not spending nearly enough on a per-capita basis. Therefore, what is needed on the expenditure side is a focus on spending efficiency.



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