The Minister of Finance, Hajya Zainab Ahmed says import substitution will be pursued vigorously to save the Government of scarce foreign exchange.
Hajya Zainab who stated this during an online Civil Society Dialogue on Government Fiscal Policy also said the Government was considering reopening the borders once the challenge of the covid 19 pandemic was over.
According to her, other measures taken to cope with the economic effect of the pandemic was an import duty waiver for medical equipment and supplies as well as strengthening the agricultural value chain to create more jobs.
The Director General, Budget Office of the Federation, Mr. Ben Akabueze said oil production was now projected at one point seven million barrels from the previous two point eight million barrels per day.
A budget deficit of five point six trillion naira is also expected to be financed through privatization proceeds, draw downs from Federal Government special accounts and new borrowings.
The Government also plans to take off Agricultural produce when markets conditions are unfavourable.