The Minister of State for Finance, Bashir Yuguda, says the country’s economy is resilient and still very strong, debunking speculations in some quarters than Nigeria was broke, following challenges the country’s economy is currently grappling with.
Mr. Yuguda, who briefed newsmen at the end of the February meeting of the Federation Accounts Allocation Committee in Abuja, noted that the situation was a direct consequence of the drop in the price of crude oil, the mainstay of Nigeria’s economy.
The minister was reacting to insinuations that the FAAC meeting earlier scheduled for last week was postponed till Tuesday this week because the Federal Government was broke, as the Federation Account did not hold sufficient money to take care of the monthly revenue sharing among the three tiers of government.
The Minister added that the government was doing its best to improve the revenue stream, while committed to the diversification of the country’s economic base to refocus the economy away from complete reliance on imports.
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