Nigeria had been very wasteful –Adeosun

The Minister of Finance, Mrs Kemi Adeosun, yesterday criticized what she termed many years of Nigeria’s “extreme wastefulness” in financial expenditure.
Speaking at the 10th Annual Conference of the Nigerian Bar Association (NBA) Section on Business Law in Abuja, Adeosun said only financial discipline and diversification could pull the country out of the present economic situation.
On the government’s economic strategy, she said the way forward was the diversification of revenue sources to insulate the country against the unstable oil market.
“We are not an oil economy that can afford to be wasteful. Even those that have lots of oil are not wasteful. We’ve been extremely wasteful. So we have got to be disciplined and invest in the things that will drive the wider economy,” she said.
“We have had GDP growth without development. That is extremely dangerous. Because you look at the GDP numbers that say eight per cent, nine per cent and everybody will feel very excited. But poverty and inequality has been growing.”
She also lauded President Muhammadu’s “unwavering commitment to fight corruption,” improve transparency and the business climate which she says will attract more investments in the country.