To ensure sustainable growth and development of Nigeria’s economy, every tier of government must imbibe fiscal discipline, improved revenue generation, rational allocation and efficient use of resources, the minister of finance said on Thursday.

Mrs. Kemi Adeosun stated this at a Retreat organized by the Federal Ministry of Finance in collaboration with the Federation Account Allocation Committee (FAAC) on the theme: “Enhancing the Effectiveness of FAAC,” in Uyo, Akwa Ibom State.

The Retreat was attended by the commissioners of finance and Account-General from the 36 states of the federation.

Adeosun said the programme came at a critical time the country was combating recession in the face of dwindling government revenue.

The minister, who was represented at the event by the Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, said “other efforts needed to put the country on sustainable growth include the refocusing of attention on quality investment in the real sectors of the economy – agriculture, manufacturing, mines and steel, as well as the promotion of Micro, Small and Medium Enterprises as the critical contributors to the growth of our Gross Domestic Product (GDP).”

She said the federal government’s economic reforms were geared towards wealth creation, employment generation, poverty reduction, development of the non-oil sector and value re-orientation.

The minister said: “Programmes like the promotion of Micro, Small and Medium Enterprises (MSMES), the initiation of N-Power and a number of others 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 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.”

“This Retreat is predicated on the need to provide a platform for participants to contribute to the ongoing efforts to mitigate the shocks that the economy is currently experiencing as a result of the revenue shortfalls.


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