The Minister of Finance and coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, has confirmed that the Federal Government and its economic management crew are working assiduously to come to terms with suitable ways through which the crumbling economy can be shielded.
The Minister stated that they are working to reevaluate the duty waivers, as well as investment incentives, and some of the nation's policies to cushion this fragile economy.
She stated this on Thursday in her keynote speech at the Securities and Exchange Commission's (SEC) 4th Annual Capital Market Committee Retreat holding in Abuja.
She further disclosed about other measure such as increasing the nation's non-oil revenue as a percentage of the GDP to $3 billion in 3 years, slashing recurring spending, like in the purchase of administrative paraphernalia, oil price reduction expectations, and also slash of capital expenditure in the 2015 budget.
Also, as part of the converted effort towards raising the tax proceeds in order to mitigate the impact of the trip up in oil prices, the Federal Inland Revenue Service (FIRS), in collaboration with Mckinsey, has been charged to upturn its target, and that the agency has made a success in reaching the target goal of N75 billion, across and beyond the regular collection target, She said.
She then stated that no nation manages economic predicament with panic.
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