Cost of production for CNG will reduce, says FG
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has said that the Federal Government’s adoption of Compressed Natural Gas offers an opportunity to private sector players.
Edun said this at the unveiling of the 2023 Nigerian Banking Sector Report by Afrinvest, which was held in Lagos on Wednesday. The report was entitled ‘Getting Nigeria To Work Again!
The finance minister who was represented by the Managing Director of the Ministry Of Finance Incorporated, Dr Armstrong Takang, said, that increasing the adoption of CNG will reduce the cost of production for businesses and households. However, he highlighted that there was a need to increase investment.
According to the address, it was also revealed that the FG’s target of the tax-to-GDP ratio of 18 per cent and revenue-to-GDPP ratio of 25 per cent by 2026 remains intact.
The minister in terms of outlook said the successful implementation of the ongoing reforms is expected to deliver meaningful improvements across several key revenue and debt metrics by 2025.
Getting Nigerian to work again will require a lot of collaborative effort, from not just the government but also from the private sector because in trying to push the economy, you are looking at multiple circles that are running independently of themselves which needs to be synchronised from the monetary policy point of view, from the fiscal policy point of view, from the revenue side when you look at NNPC, what’s happening in the oil and gas sector, from the desk side, from the financing picture.
