The Minister of Finance, Mrs Kemi Adeosun, yesterday said Nigeria for many years, had been what she termed “extremely wasteful” in financial expenditure.
Speaking at the 10th Annual Conference of the Nigerian Bar Association (NBA) Section on Business Law in Abuja, the minister said the wastefulness in Nigeria was so much that even bigger oil producing nations were not as wasteful.
She, however, stressed that only financial discipline and diversification as currently being practiced by the President Muhammadu Buhari-led administration, could pull the country out of the present economic situation.
On the government’s economic strategy, Mrs. Adeosun said the way forward was the diversification of revenue sources to insulate the country against the unstable oil market.
“We are not an oil economy that can afford to be wasteful. Even those that have lots of oil are not wasteful. We’ve been extremely wasteful. So we have got to be disciplined and invest in the things that will drive the wider economy”, she said.
“We have had GDP growth without development. That is extremely dangerous. Because you look at the GDP numbers that say eight per cent, nine per cent and everybody will feel very excited. But poverty and inequality has been growing”, she stressed.
The minister further commended President Buhari’s “unwavering commitment to fight corruption”, improve transparency and the business climate, which she says will attract more investments in the country.