Adeosun explains how economic reforms will tackle recession

Finance Minister, Mrs Kemi Adeosun, said on Thursday that the ongoing economic reforms by the Federal Government will enhance fiscal discipline, improve revenue generation, and promote allocation and efficient use of resources by the three tiers of government.
The minister who spoke through the Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, in a keynote address she sent to a retreat in Uyo organised by the ministry in collaboration with the Federation Account Allocation Committee (FAAC) on the theme “Enhancing the Effectiveness of FAAC”, added that the reforms have been geared towards wealth creation, employment generation, poverty reduction, development of the non-oil sector and value re-orientation.
She underlined the need to refocus attention on quality investments in sectors including agriculture, manufacturing, mines and steel as well as the promotion of micro, small and medium enterprises, MSMEs as the critical contributors to the growth of the Gross Domestic Product, GDP.
According to her, “The promotion of MSMES, initiation of N-Power and a number of other programmes were designed to empower the citizenry, encourage private enterprises and change the way government does business.
“It is my firm belief that the pursuit of economic diversification through the promotion of private enterprises is one of the ways we can unlock the untapped socio-economic potentials for social progress, economic growth and national development”.
She expressed gladness at the present administration’s intensifying efforts to diversify the economy, assuring that the multiplier effect would soon become obvious.
The retreat, attended by all the commissioners of finance and accountants-general from the 36 states of the federation, was coming at a time the country is combating recession in the face of dwindling revenues, she further explained that it was predicated on the need to provide participants with the platform to contribute to the ongoing efforts to mitigate the shocks the economy was experiencing as a result of the revenue shortfalls.
She therefore urged participants to collectively come up with constructive ideas that would facilitate the implementation of the present government’s Economic Recovery and Growth Plan, ERGP, aimed at achieving sustained inclusive growth through structural transformation and diversification of the economy.
The three tiers of government, she noted, should apply the best international best practice in public financial management by blocking all loopholes and strengthen financial management.
Adeosun also said there was a need to reposition FAAC for enhanced performance through efficient management of accrued scarce resources for national development.
The Akwa Ibom State governor, Udom Emmanuel, who is the chief host, was represented by his deputy, Moses Ekpo, and he reiterated the call for the review of the current revenue allocation formula by the National Assembly.
He said: “Given our common experience about development in our country, our revenue sharing formula should be weighted more towards the states and local government councils than the practice today”.