Economy

FG refutes Obaseki’s claims about the state of the economy

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By Chijioke Okoronkwo

Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, said the revenues distributed to the Federation Accounts Allocation Committee (FAAC) are generated by federal government agencies.

The minister answered questions from State House correspondents after the meeting of the Federal Executive Council (FEC) chaired by Vice-President Yemi Osinbajo on Wednesday at the Presidential Villa in Abuja.

She criticized recent allegations by Governor Godwin Obaseki of Edo that the Central Bank of Nigeria (CBN) imprinted N60 billion in March to support the federal allocation to states.

The governor also reportedly said the economy was in dire straits due to the huge debt burden.

“The question that was raised by the Governor of Edo State for me is very, very sad because it is not a fact.

“What we distribute at FAAC is the income generated and the distribution of FAAC income is public information and we publish it.

“So it is the revenues generated by FIRS, Nigeria Customs Service (NCS) and NNPC that we distribute to FAAC. So, it is not true that we printed money to distribute to the FAAC. ”

Regarding borrowing, Ahmed said Nigeria’s debt was within sustainable limits.

According to her, what is needed is to improve the country’s income to increase its capacity not only to repay our debt, but also to meet the day-to-day needs of the government.

“Thus, our debt currently at 23% relative to gross domestic product (GDP) is at a very sustainable level.

“You can look at the reports you see from multilateral agencies; these facts are stated. ”

The minister said her ministry had presented a memo to the FEC on behalf of the FIRS.

She said the note sought council approval for the award of the contract for the construction of the FIRS building to the Ilupeju Medium and Small Taxpayers Office in the amount of 539 million naira, 7.5 percent VAT. included.

Ahmed said the project completion period was 52 weeks.

“The ministry also presented on behalf of the NCS a memorandum requesting the approval of the council for the design, construction and supply of two NC 36 M monohull patrol boats for an amount of 5.06 billion naira, TVA 5% included with delivery. 12 month period.

“We also re-presented a memo on behalf of NCS for Council approval for the design, construction and supply of seven rapid assault boats and seven regular patrol boats for an amount of N501 million. Including 7.5% VAT with delivery time. eight weeks.

“The purpose of purchasing these two types of patrol vessels is to improve the efficiency and effectiveness of NCS operations in its attempt to control contraband and also to ensure the effectiveness of customs operations in the NCS maritime unit.

“We also resubmitted on behalf of NCS a request for board approval and the board approved the acquisition of 427 operational vehicles for NCS operations to various contractors for a combined $ 14.55 billion. naira including 7.5 percent VAT with a four week delivery time, ” she said.

She said there were several contractors, including Wada Motors, Elizade Motors, Westwood Motors and Globe Motors, supplying different categories of vehicles for NCS field operations. (NOPE)

(NAN)

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