Nigerians need not panic due to the falling global oil price, as the government is equal to the task. This assurance was given this morning by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, while delivering the Keynote Speech at the Securities and Exchange Commission 4th Annual Capital Market Committee Retreat at Transcorp Hilton Hotel, Abuja.

“Panic is not a strategy. We are managing the situation to keep the economy on a stable sustainable course and we will not listen to those who want us to throw up our hands in despair and give up,” Okonjo-Iweala said.

“Our scenario-based approach to managing the impact of the oil price drop is proactive and comprehensive. Even if the price drops to 60 dollars we are ready,” she added.

Continuing, the minister, who spoke on ‘Competing in an Uncertain World’, said: “The common man is a priority in our strategy for the fall in oil price. His interests are a priority. That’s why even in implementing cuts in capital budget for 2015, the areas that are of most benefit to the common man, critical infrastructural projects like the Lagos Ibadan expressway, the second Niger Bridge, rail and power projects etc which will create jobs and enhance the comfort of our people will go on.

“This pro-common man focus can also be seen in the safety nets which is a major priority for the President. The projection is for two to three million families across Nigeria will benefit from a conditional cash transfer scheme to encourage school attendance, improve health and nutrition, reduce infant and maternal mortality, etc.

“That’s why we are also focusing on improving value chain in agric, the number one source of job creation in the country.

“Anything that affects the poor, the young and vulnerable, we will prioritise it.”

Okonjo-Iweala spole of government’s plan to increase tax revenues as a strategy to mitigate the impact of the fall in oil prices.

“The revenue target for the next three years is three billion dollars,” she said. “The FIRS working with Mckinsey has already made progress in reachin the target of N75 billion over and above the regular collection target.”

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