Abolaji Ayodeji
The Minister of Finance, Budget and National Planning, Zainab Ahmed says the current economy under President Buhari’s administration is far better than the past government.
The minister said this after she was asked about the state of the economy at the Federal Executive Council at the Aso Villa on Wednesday.
She said the current administration has done very well compared to what they met in 2015.
She added that in 2015, the current administration met a crisis in the oil and gas sector and slumped crude oil prices and production.
“First of all, let me address a question on the issue of the economy, as to whether the administration has done well. The administration has done very well.
“I need to remind us all here that in 2015, the administration came on and met a crisis in the oil and gas sector; we had the first slump in crude oil prices and a very significant slump in crude oil production,” she said.
She added, “there was a time the volumes went as low as one million barrels per day.
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“We were able to take measures to reflate the economy and exit recession within three quarters. By the fourth quarter, we were out of recession.
“Secondly, we had a second recession due to COVID-19. That was even a shorter recession and we have seen now up to five quarters of positive growth. So, the economy has been growing, despite very, very difficult circumstances.
“The other thing I need to remind us is that this administration has been able to realize the lowest oil and gas revenue, compared to all previous administrations, but it has also been able to do much more in terms of deployment of infrastructure. So, the administration has done well.”
