Minister of Finance KEMI ADEOSUN has insisted that Nigeria’s oil wealth is not sufficient to service a population of over one hundred and seventy million people in an oil dependent economy.
The minister stated this on the floor of the Senate on Thursday following her invitation to explain details of government’s effort to stabilize the shaky economy.
ADEOSUN said the current administration has realized the need to diversify the economy and is now more than ever willing to do so by among other things building infrastructure which will in turn grow the private sector and ensuring discipline in the management of limited resources.
She added that despite dwindling price of crude oil and the fall in the value of the naira, Nigeria is still the biggest economy in Africa.
The minister also informed the lawmakers that the finance ministry inherited massive debt from the previous government, such as 5billion dollars in cash calls to oil companies and about 380 billion dollars owed contractors out of which 107 billion has been paid.
On the 60 billion Naira constituency projects which lawmakers say is less than one percent of the 6.06 trillion naira 2016 budget, the minister debunked comments by some government officials such as the Secretary to the Government of the Federation that it might not be implemented.