BY FOLASHADE KEHINDE
MINISTER of Finance, Budget and National Planning, Zainab Ahmad, has said, contrary to Nigerians’ belief, the nation’s economy is actually doing very well under the present administration.
She said if compared with the performance of previous administrations, then the President Muhammadu Buhari administration must be given a high score, adding that when Buhari assumed office in 2015, the oil and gas sector was in a crisis.
The minister spoke after the Federal Executive Council meeting presided over by President Buhari at the Presidential Villa, Abuja, on Wednesday.
Ahmad, who explained that the Excess Crude Account was depleted because it had not been funded for sometime, said, “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 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. There was a time the volumes went as low as one million barrels per day.
“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 realise 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.”
She disclosed that $1 billion was withdrawn from the Excess Crude Account for the procurement of arms, noting that the governors were carried along.
“On the issue of the Excess Crude Account, in the past four years, because of volatility in the oil market, we have not had accrual to the account.
“So, what we have had, has been gradually used up for different purposes and it is always used in consultation with the National Economic Council, that is the governors, because this is a federation account.
“The last approval that was given by the council was the withdrawal of $1billion to enhance security. We have been utilising that. The last tranch of that has been finally released because deployment to security agencies are based on the contracts executed and its been used strictly for that security purpose. So, the utilisation of the account is with the full knowledge of the governors,” Ahmad stated.
