By Emma Ujah

Minister of Finance, Olusegun Aganga, has disagreed with the Fitch Ratings revised outlook of the Nigerian Economy from “stable” to “negative”, saying it was punitive.

“We do consider the decision to adjust the outlook downwards unduly punitive and disagree with it given the numerous positive features of the country’s economy and ongoing reforms cited by Fitch in its recent press release”, he said in a statement in Abuja, yesterday.

Fitch cited the following as the major reasons for the revision of the outlook: (i) the depletion of the Excess Crude Account (ECA); (ii) the decline in foreign exchange reserves; and (iii) their own concern that the reform agenda of the current administration which they found to be very positive may not be implemented before the elections.

Aganga said: “It is significant that Fitch recognises the many positive measures being taken to address these issues.”