The minister of budget and national planning, Sen. Udoma Udo Udoma, says the rate of economic growth in Nigeria is still too slow.
Speaking with journalists on the sidelines of the ongoing Spring meetings of the International Monetary Fund and World Bank, the minister said more work still has to be done to accelerate growth.
“Our target is seven percent by 2020, that will make me comfortable, above seven percent will make me even much more comfortable. And that is why we are working so hard,” he said.
“Even though we are working so hard, the rate of growth is still too slow. So we will like it to pick up and that is why there is a need to work hard.
“They say the result for good result is more hard work and so we are poised to continue to focus on the various measures on the ERGP.”
According to Udoma, the problem of Nigeria is revenue, not debt hence the need to improve revenue generation.
“Our problem is not a debt problem, our problem is a revenue problem and so we are focused on generating much more revenues,” he said.
“As you are aware, we have the tax amnesty to try and increase the tax revenues being generated, we are looking at some of our excise duties and so the focus is to generate more revenues.”
Udoma said he has received positive remarks on the state of the economy and new investors who have indicated interest in Nigeria.