Fall In Oil Price Will Make Nigeria’s Economy Better – National Planning Minister

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As global oil price continue to fall, Minister of National Planning, Dr. Abubakar Sulaiman, has described the development as a blessing in disguise for Nigeria.

Sulaiman, who is also Deputy Chairman, National Planning Commission, said that the development would have a positive impact on Nigeria’s economy.

He gave the assurance, while speaking at an institutional lecture for Block 3 participants of the National Defence College (NDC) in Abuja in a paper, entitled National Planning and Vision 20:2020: An Assessment.

Explaining why he believed the oil price fall will have a positive impact on the economy, Sulaiman said since about 80 percent of the country’s revenue come from oil, the government will be challenged to break even.

“All we need do is explore other areas. The Customs has surpassed its target, same with FIRS. We need to block all loopholes which are what we are doing as a government.

“We can do without oil to survive, because there are nations who do not have oil and are pretty surviving. So, what are we talking about?

“The present administration is one that has foresight and had long prepared for this through its policies and programmes in various sectors, agriculture inclusive.

“Government is diversifying. It will affect us, but not to the extent people think. There are areas the country can still explore.

“It is a challenge. We should not be lazy; we should prepare for the future. Oil will not be there eternally,” he said.

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