The administration of President Bola Tinubu has advanced significantly in its economic reforms and is almost there in terms of bringing revenues into line with the 2024 budget.
This was said by Wale Edun, the Coordinating Minister of Economy and Minister of Finance, during a quarterly ministerial briefing in Abuja. He cited a predicted 4% budget deficit in the fiscal year 2024 to emphasize the achievements of the government’s reforms.
While acknowledging the short-term difficulties brought about by the reforms, Mr. Edun gave Nigerians hope that the anticipated benefits will materialize shortly.
He claims that the government’s well-coordinated economic measures are starting to pay off, as seen by the inflation growth rate slowing down.
“Among other positive fiscal yardsticks that are being noted, there is also an increase in foreign investments relative to the same period in the previous year,” he stated.
The minister stated that lowering food prices was one of Mr. Tinubu’s top goals right now. Given the impact of high food costs on inflation, he said the administration also focuses on providing all the support required to promote local food production.
The minister of finance stated that steps are being taken to reach the objective.
Mr. Edun emphasized the president’s dedication to the well-being of Nigerians as well as the government’s efforts to guarantee accountability and openness in its social protection programs.
“Including, but not limited to, the acceleration of the direct benefit transfer program, which was initially paused in order to improve delivery transparency,” Mr. Edun clarified.
He stated that more than 600,000 households have already had the direct transfer this week since payments resumed.
In an attempt to increase foreign exchange liquidity and demonstrate the strength of Nigeria’s financial system as the country’s economy stabilizes, the finance minister revealed plans to issue up to $500 million worth of domestically denominated securities to attract foreign currency held by Nigerians residing overseas.
Nonetheless, Mr. Edun accepted the ruling of the Supreme Court regarding the direct distribution of federation funds to local governments. He restated the administration’s resolve to carry out the ruling.
The minister predicted that the Nigerian economy would be well-positioned for steady and inclusive growth by the end of 2024.
He declared, “The commitment will drive domestic and foreign investments that will improve the general well-being of the Nigerian people and create jobs, helping millions of people escape poverty.”