Economy Doing Well Under President Buhari Than Previous Govts — Finance Minister

Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, said yesterday the nation’s economy was doing well under President Muhammadu Buhari’s administration than in previous governments.

She also explained the depletion of the Excess Crude Account, ECA, saying it had not been funded for some time.

Mrs. Ahmed stated this after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja, yesterday.

Asked about the current status of the economy, she said: “Thank you for that question. 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.

“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 the 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.”

On the Excess Crude Account, the minister recalled that the sum of $1 billion was withdrawn from it for the procurement of arms, in consultation with state governors.