Mr Taiwo Oyedele, the newly sworn-in Minister of State for Finance, has expressed optimism that the ministry has the capacity to solve the country’s economic challenges and strengthen fiscal stability, news.ng reports.
Oyedele, who made this known to State House correspondents at the Presidential Villa shortly after he was sworn in, said all hands must be on deck to deliver on the President’s mandate.
“And I’m confident in the Ministry of Finance, with the complement of the team and the leadership, working together, I don’t think there’s anything that will be beyond us to be able to surmount,” he said.
While acknowledging that the country is in serious economic turmoil, he expressed optimism that the country has boundless opportunities to turn challenges into growth.
“There are challenges, no doubt, but so are the opportunities that are bound for our country. Yeah, so the priorities are the priorities of the government, the priorities for our country, because the Ministry of Finance will not operate in isolation,” Oyedele explained.
On what should be done to make this a reality, the former Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms noted that there is a need for the government at all levels, including the federal and sub-national governments, to increase earnings to meet the ever-growing demands of the public.
“Those issues are mostly around revenue mobilisation, so you can have enough revenue to meet the increasing demands of the public on the treasury, both at the federal level, as well as sub-national,” he noted.
Furthermore, the economist and accountant stressed the importance of the government utilising resources efficiently while ensuring there is value for every Naira earned.
“And then there’s also the issue around spending efficiency and priority, because for every One Naira that we earn, how can we optimise the value we get from it to meet the needs of our people? And of course, you know, issues around debt management and fiscal sustainability are also important.
“Now, how all of this connects effectively and link up to other policies of government from monetary policy to trade and other policies as well… is actually about how do you think proactively and how do we position Nigeria to best manage challenges and headwinds while optimising the values and the opportunities that are there, both within Nigeria and globally for our country,” Oyedele said.
