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Last Updated: Wednesday, December 15th, 2004 HOME | Previous Page Nigeria gets $5.2b from excess oil revenue, says Okonjo-Iweala   By Dele Moses Special Correspondent, Ilorin          The Minister of Finance, Dr Ngozi Okonjo-Iweala has disclosed that the country has realised a surplus of $5.2 billion from oil sector over what was contained in the 2004 Budget. Speaking at the opening of the two-day Kwara State Economic Summit and public presentation of the Kwara State Economic Empowerment and Development Strategy (KWASEEDS), the minister stated that the government plans to spend 50 percent of the surplus to revive infrastructures while the rest would be kept for the raining day. She also disclosed that by June next year the government would conduct an audit into the oil sector to determine the quantity of oil being sold in the country and amount realised from the sale. The minister lamented that there was huge decay in infrastructure, low per capital income, corruption and inefficiency bureaucracy. She said the 50% of the surplus, which is meant for infrastructure, would be expended on power development, roads, health, education and pension.               She said that the government has embarked on a lot of reforms on a number of economic management, reduction improvement generation among youths as well as public sector restructuring.   Okonjo-Iweala stated that the government had succeeded in inviting to the country investors who are investing on various fields including Independent Power Plant (IPP), pharmaceuticals, agriculture, leather, furniture and telecommunications. In his speech, Governor Bukola Saraki: bemoaned the ideal of importing food items to the country saying the country can be self sufficient in food if our natural agricultural endowments are fully tapped.             He said that no sector holds so much promise for the country than agriculture which he regretted had been undeveloped and under productive for years.             Nothing that the figures for 2002 shows that Nigeria spent $132 million on imported milk, the governor said if the state must break out of the vicious circle of poverty and under development where it had been locked over the years it should take advantage of the rich potentials offered by agriculture.         Copyright� 2004. All Rights Reserved. Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.independentng.com e-mail: [email protected] Designed By Powered By DNet.

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