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Nigeria’s foreign reserves drop to $24.74bn

27 September 2016, 20:15

Abuja - The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, says Nigeria’s foreign reserves have reduced from $26.51 billion in the second quarter of 2016 to $24.74 billion in September.

Udoma on Tuesday said this at the 57th annual conference of Nigerian Economic Society with the theme “the developmental state and diversification of the Nigerian economy”.

He said Nigeria had revenue and foreign currency concentration problems, adding that diversification was the only solution.

The minister said due to four strategic pipeline terminals that were blown up, Nigeria had been unable to achieve its 2016 Budget production target of 2.2 million barrels a day.

Udoma said in August, the country was barely able to produce 1.1 million barrels.

He said, “Last week production level rose up to 1.7 million barrels, still a far cry from the country’s target of 2.2 million barrel.

“We are taking a number of immediate measures to raise revenues to strategically spend our way out of recession.

“We are taking measures to address the disruption in Niger Delta to restore production.

Also read: CBN says foreign reserves rises to N29.6bn

“We are fast tracking our efforts to raise foreign currency loans that we have projected in the 2016 budget, from AfDB, World Bank, Chinese Exim Bank as well as Euro Bond issue.

“We are happy to note that the president of AfDB has announced that we should expect, among other facilities, a budget support of $1 billion dollars next month.”

He said the economic management team had been working to assemble a stimulus package to be raised from concessioning advance payment for licence renewals, use of recovered funds and some asset sales.

Udoma said that the package was being worked upon and was yet to be finalised, adding that to achieve this speedily, “we are working to fast track procedures through presidential directives and legislation.


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