Zainab Ahmed, the Minister of Finance, Budget and National Planning, says the Federal Government would prioritise its expenditures to favour major capital expenditures with greater impact in the 2020 budget.
Speaking on the sideline of an international conference on: “Commodities Trading Ecosystem,” in Abuja on Monday, Ahmed said the decision followed the recent unfolding global events of coronavirus pandemic and the oil price war.
Ahmed said only capital expenditures, which would create jobs and enhance the ease of doing business in the country, would be considered before others.
She said although the oil sector contributed only nine per cent to the economy, but was a large driver of government revenue and non-oil sector.
She said: “It is a reality call for us that we must develop the non-oil attitude in everything we do.
“It is a time for us to review what we have planned and to prioritise expenditure in favour of major capital expenditure that will have greater impact that will create jobs and visibility and also enhance the ease of doing business in our country.
“Any expenditure that is not critical, we must defer to do it at a later time when things become more normal.”
The two-day conference, with the theme: “Commodities Trading Ecosystem: Key to Diversifying Nigeria’s Economy,” was organised by the Securities and Exchange Commission.
It attracted financial and capital market stakeholders across the country.