Finance Minister, Kemi Adeosun, yesterday, canvassed reductions in the cost and composition of government financing, which she said would drive incremental savings for the country.

Adeosun, who made the disclosure at the Sectoral debate by the House of Representatives, presided over by Speaker Yakubu Dogara, assured that the country’s economy would pick up again.

The minister said there was a projected budget deficit of N2.2trn in 2016, which represented 2.2 per cent of Gross Domestic Product, GDP.

She added that N1.8trn borrowing would be structured to achieve cost effectiveness and acceptable debt sustainability ratios.

The minister further said that, $4 to $5bn was to be raised from multiple external sources, including multilateral agencies and export credit agencies.

“Additional funds to be raised from international capital markets and balance of funds to be raised in domestic market.

“Use earnings from revenue-generating projects that are debt financed to service debt,” she said.

Adeosun also said Nigeria would target increased capital spending to drive long-term growth.

She said this would lead to substantial increase in gross capital formation and also enable industrialisation and increase business competitiveness.

The minister also stated that this would accelerate GDP growth towards recent average of 6 per cent, adding that it would create jobs, wealth and rise in household capital income.

She stressed that the country was returning to growth driven by clear decision to unlock its full potentials.

According to her, Nigeria has faced a tough economic landscape in the past 24 months, adding that efforts made so far has helped it to remain more stable than other oil producers.

She said that unlocking full potentials was the policy goal of the present administration.

She further said that in a little while, growth would be catalysed by boosting the quality and scope of government infrastructure, removing the incentive and opportunity for corruption.