The Minister of Finance, Mrs. Kemi Adeosun, has said that the country is already getting out of economic recession because of the pragmatic approaches the Federal Government is taken to reverse the trend.
She said this on Wednesday while fielding questions from journalists at the end of a two-day National Council of Finance and Economic Development conference held in Abeokuta, Ogun State.
Commissioners for Finance from the 36 states of the federation attended the conference.
She said, “We are already getting out of recession because of the actions the Federal Government is taking. If you are in a problem, the day you start to step towards progression, you are already getting out of it; we are getting out of it.
“We are investing more in capital projects than we have ever invested. We are sorting out infrastructure, we are stopping wastage, and so the signs of recovery are already there. “
The minister explained that agriculture and solid minerals were already starting to grow in response to the government’s policy initiative.
In her closing remarks, Adeosun advised the commissioners for Finance and the accountants-general in the states to compute their balance sheets, which would show their assets and liabilities.
She said, “What are your assets, what are your liabilities? Know you position, it might not be pleasant reading, but you must know it. What are those pension liabilities and contractors’ liabilities that are hidden? Bring them out, compute them and know them.
“It is very important because one of those things we have realised at the federal level is that if that had been done in the past, we would have probably made better decisions. Because if you don’t have the data, you can carry on spending as if all is well, only for a problem to come out as it has done in our own case to affect us.”
Meanwhile, the Comptroller General of the Nigeria Customs Service, Col. Hameed Ali (retd) has called on the Federal Government to revisit the list of excisable products with a view to re-admitting the de-listed and new items under excise administration.
He said this on Tuesday while presenting a paper at the National Council on Finance and Economic Development held in Abeokuta.
Ali said the 2009 fiscal policy which de-excised some products and industries had drastically affected revenue generation from the excise duty.
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