Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has said both oil and mining sectors are pulling the national economy back. She pointed to the costly fuel subsidy regime as one of drains on the economy.

The minister said oil sector only contributed 22 percent to the economy in 2022, a development she said is an indication that “the economy is truly, truly diversified”.

She said the non-oil sector, driven by communications and agriculture, has grown the economy significantly.

The minister made the remarks at the public presentation and breakdown of the highlights of the 2023 Appropriation Act in Abuja on Wednesday.

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Recall that the N21.83 trillion 2023 Appropriation Bill was signed into law by President Muhammadu Buhari on Tuesday.

The finance minister also disclosed that the government recorded N18.14 trillion aggregate expenditure, including the supplementary budget, in the 2022 budget implementation.

She announced that the federal government would be exiting some industries from pioneer tax incentive list, even though she acknowledged that it may be an unpopular move that is likely to draw public criticism.

She said infant industries would be included on the list to enjoy tax incentives to encourage their survival.