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“We Will Diversify Nigeria’s Revenue Base” Minister of Finance Kemi Adeosun on the Nigerian Economy

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Nigeria’s Minister of Finance, Kemi Adeosun was on Channels TV’s Sunrise this morning and she was able to clarify how this Government is making cuts to save the economy and budgetary allocations.

In her interview, she reaffirmed a statement earlier made by President Muhammadu Buhari that the government inherited an empty treasury, in addition to a high debt profile and these have made things difficult. Adeosun also said that the previous administrations in Nigeria failed to build savings while the country enjoyed massive revenue from high price of oil globally and this put the country in a tight condition when the oil price fell.

She noted that Nigeria’s sole dependence on oil made the impact much tougher on the economy and the citizens.

“If you look at oil, its only 13% of our GDP but it represent 70% of government’s revenue which means if anything happens to oil, it affects everybody.

“The question we are trying to now resolve is; the remaining 87% of GDP, why is it contributing so little to government’s revenue? If we are able to have those other revenues which are much more stable, predictable and less volatile, then if the oil price goes down, we’ll be able to maintain some level of stability.”

Watch her interview here!

20 Comments

  1. Ephi

    May 5, 2016 at 4:46 pm

    Enough of future tenses – WE WOULD, WE PLAN TO, etc etc.
    It is time for WE HAVE DONE xyz so therefore abc is the expected outcome.

    • Snowball

      May 5, 2016 at 6:34 pm

      Can people stop using ‘Would’ when they mean ‘will’. ‘Would’ does not mean you plan on doing something it means you ‘would have’ if not for a particular circumstance. It is not future tense it is a conditional verb. Nigerians and their poor grammar. It grinds my gears when people use ‘would’ instead of ‘will’. If Politicians knew the phrase ‘where there is a will there is a way’ they would know that ‘will’ is used as a statement of intent and perhaps this country would advance.

    • Smh

      May 5, 2016 at 6:38 pm

      English teacher, e pele.

    • hmm hmm

      May 5, 2016 at 7:05 pm

      I used to wonder about as well, you probably have an American English background like myself. It is actually proper and acceptable use of tenses in British/Queens English. It used to drive me crazy until someone explained it to me haha.

    • Adaeze

      May 5, 2016 at 11:29 pm

      Thank you for this, @Snowball. It grates the nerves! No,

      @hmmm hmmm. This has nothing to do with being American trained or not. The many (and recent) uses of ‘would’ in Nigerian english is just wrong! There are some uses of ‘would’ that one can use but only in a reported speech and the construction is pretty tricky. Most people just avoid it. For example: ‘The man fell sick. He would later die from the ailment.’ This is the same as saying: ‘The man fell sick. He died from the ailment.’

    • Elle

      May 6, 2016 at 8:50 am

      Nigerians and their poor grammar? I assume you are a Nigerian.

      The issue I have with people like you is not the fact that they are making a correction which is valid, but the condescending manner in which they do so. Snowball, take a seat until you learn how NOT to generalize. Rme

    • 'Deola

      May 5, 2016 at 8:42 pm

      You right ! If wishes were horses beggars would ride, abi?

  2. God will help you.

    May 5, 2016 at 4:49 pm

    The main thing I like in this administration is the continuous probe,most corrupt public office holders will be careful,knowing fully well they will be sent to jail if they don’t repent.this regime know is now a culture to probe,the next government will check there books also.That to me is a step foward.

  3. Slow Page

    May 5, 2016 at 4:57 pm

    The website is really slowing down my laptop anytime i use it (chrome). I have always visited Bellanaija since a long time ago and wasn’t experiencing all this.

    • BellaNaija.com

      May 5, 2016 at 5:36 pm

      Thanks for the feedback. We will look into it. Have a great day!

  4. Prince

    May 5, 2016 at 5:29 pm

    That’s absolutely true. GEJ and Diezani will be somewhere now thinking they’re having fun while those that made them suffers, your sufferings are on their way. you aint see nothing yet

    • hmm hmm

      May 5, 2016 at 7:07 pm

      The full interview former CBN governor Sanusi is out, and it is totally true, the pass offenses and thefts from the past administration has caused this mess we’re in now. They will certainly face the music.

  5. Tunmi

    May 5, 2016 at 6:26 pm

    Sidenote: I am loving the way our politicians dress. I don’t know if it’s mandatory but whenever they address the public whether in Nigeria or outside Naija, they always represent with their attire.

  6. nene+

    May 5, 2016 at 6:49 pm

    This woman really beats my imagination. What de hell is she doing as a minister of finance? The economy has become a mess under her watch

    • jeez

      May 5, 2016 at 10:10 pm

      All you know how to do is criticize criticize criticize till kingdom come. Propose solution, mba. Critic of life, no value adding, tueh

  7. Bad belle looking for hell

    May 5, 2016 at 10:10 pm

    @nene .Please ask NOI what she was doing when $15billion was stolen,and the economy was ruined with corruption,kindly ask her what the hell she coordinated for five wasted years,Mrs K Adeosun is five months in office and you are looking for hell.

    • Elle

      May 6, 2016 at 8:40 am

      Don’t you get it? nene+ would rather prefer for the country to collapse and be ruined even if she and her family will be affected just so she can say “I told you so”. Very negative biased human being.

    • nene+

      May 6, 2016 at 8:56 am

      Elle,bad belle looking for hell and jeez

      Ngozi was a minister for almost ten years OBJ and GEJ pure water was constantly N5.
      How much has it changed under Kemi Adeosun?N20 four hundred % rise. Nigeria isnt in the rank of business destination and you expect me to sing her praise over dismissals, pay cuts, job losses, frustrations, hunger,and sufferings etc Finance has nothing to do with speaking eastern London English and continuous chasing of ghost staff that IPS na BVN since took care of. What new thing has she done??

      Deal with it Kemi is a mere commissioner. She needs a proper minister of Finance.
      This woman cant break even in a micro finance bank branch let alone a whole Nigeria.

  8. jwezee

    May 6, 2016 at 11:58 am

    At Nene thank you jare, let these ones be acting like they don’t live in Nigeria and are not feeling the hardship this govt is putting people tru…the truth is the woman looks lost, looks like the federal level is too much for her to handle! This one is busy giving excuse for her that she has only been 6 months in office.. One question tell me one significant project with results this government has done? Just one

  9. Ogbenituks

    May 8, 2016 at 9:43 pm

    You people are stupid how can you say she looks lost as if she was the reason Nigeria is in this mess she is trying like the rest if the government give them time then judge

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