FG plans against global shocks to protect Nigeria's economy
Nduka Chiejina (Assistant Editor) The Federal Government has said it is closely monitoring the fighting in the Middle East and other global troubles to ensure they do not crush the
Nduka Chiejina (Assistant Editor)
The Federal Government has said it is closely monitoring the fighting in the Middle East and other global troubles to ensure they do not crush the Nigerian economy.
Speaking at a meeting organized by J.P. Morgan in Lagos, Sanyade Okoli, the Special Adviser to the President on Finance and the Economy, explained that the government is not just sitting back. Instead, they are planning for different "scenarios" or "what-ifs" to stay ahead of global shocks that could affect prices in Nigeria.
She mentioned that even though high global oil prices might seem like a way for Nigeria to make more money, the government is being very careful. The main goal is to keep the economy steady so that the prices of food and other items do not keep rising due to events in other countries.
“The government is treating these global shocks with caution,” Okoli said. She added that they are focused on making the economy strong long-term, rather than just seeking quick cash from oil.
On the issue of fuel, the Special Adviser made it clear that there is no going back on the removal of the fuel subsidy. She explained that the government is now focusing on "targeted support." This means instead of paying for cheap fuel for everyone, the money will fund specific measures that help ordinary people, such as lowering transport costs, supporting farmers to increase food production, and providing social support for those struggling most.
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To secure the necessary funds to run the country properly, Okoli said the government is reforming tax collection. Through the new Nigeria Revenue Service (NRS) and the National Tax Policy Committee, the government is using digital systems to ensure everyone pays what they owe fairly and transparently.
She pointed out that these changes aim not just to collect revenue, but to make Nigeria a safe place for people to invest in their businesses and create jobs.
“Our plan is very clear,” the Special Adviser said. “We want to keep the economy stable, help the most vulnerable people, and make Nigeria a place where investors will want to bring their money for the long term.”
The government’s message to Nigerians is that while the world is going through a tough time, the country is putting systems in place to make sure it can handle the pressure and keep growing.
