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Economy on recovery path, says minister

by OtownGist
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The economy is on the path of recovery, Federal Government assured Nigerians on Monday; Minister of Finance, Budget and national Planning Mrs. Zainab Ahmed, who said this on Monday, indicated that Nigeria will soon bounce back to pre-COVID-19 economic period.

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She described the 5.01 per cent growth of Gross Domestic Product(GDP) a positive one.

She explained that non-oil sector accounted for the GDP growth.

She said 42 out of 46 economic activities expanded during the quarter compared to only 13 at the same time last year.

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She insisted that the country was borrowing “sensibly and responsibly.”

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On how the Federal Government will finance budget deficit next year, she said there was an approval to fund deficit 50% locally and 50% externally.

She said 50% external borrowing is 6.1billion Euros with half of it from Eurobonds and the other from multilateral and bilateral sources.

She confirmed that the Federal Government will begin Eurobond roadshow from the week of 11th of October.

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Mrs. Ahmed, who spoke at a news conference in Abuja said: “We are happy inflation is moving downward.

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She spoke with reporters in company with Minister of Information and Culture, Alh. Lai Mohammed; the Minister of State for Budget and National Planning, Clem Agba and Statistician-General of the Federation Simon Harry.

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