The Minister of Information and Culture, Lai Mohammed, has stated that for the primary time underneath our amended legislation, 200 million Nigerians will begin to obtain a good return on the surfeit of assets of the nation’s lands.
While addressing a information convention on Monday in Lagos the place he highlighted the federal government’s achievement in 2019, Mr. Mohammed stated elevated revenue will enable for brand spanking new hospitals, colleges, infrastructure, and jobs.
The minister stated over time Nigeria has didn’t safe its equitable share of the proceeds of oil manufacturing as a result of all makes an attempt to amend the legislation on the distribution of revenue have failed, including that the current administration has damaged the jinx.
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“President Muhammadu Buhari, in a landmark move, signed into law the amended Deep Offshore Bill. This Act means that Nigeria will now receive its fair, rightful and equitable share of income from our own natural resources for the first time since 2003,” Lai Mohammed said.
He additionally famous that 2019 has been a momentous 12 months, including the Buhari-led administration has taken Nigeria nearer to its Next Level goal.
According to him, the financial system has continued to witness a powerful efficiency, constructing on the regular restoration for the reason that final recession.
“Nigeria has not reached its debt ceiling of 25% in total public debt stock to GDP (Debt/GDP), as it is currently on 18.99%, but its debt service to revenue ratio has been higher than desirable, which explains why the government is moving ahead with its economic diversification efforts, in addition to increasing oil and non-oil revenues and widening the tax base,” he burdened.
The Minister advised newsmen that the safety of lives and property has remained a precedence of the current administration, including that this has led to an incredible enchancment that has been witnessed in preventing terrorism, banditry, kidnapping and different acts of criminality.
While agreeing that the 12 months was certainly a difficult one when it comes to insecurity, Mr. Mohammed nevertheless, argued that the Federal Government confronted the problem squarely to cancel doomsday predictions from the political opposition and their allies.
He concluded that the struggle towards insecurity was boosted by the border drill, which curtailed entry to weapons by terrorists and different criminals.