Jeffrey Adaralegbe, Abuja
According to the Federal Government, it has made great progress toward enacting economic reforms and is almost there. The government’s revenue projections for 2024 are almost exactly where they are expected to be. The federal government also declared its intention to withdraw from the borrowing mechanism.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun stated this today in his office in Abuja during the half-year review Ministerial Press Briefing with the theme: Economic Recovery and Growth: Progress and Prospects 2024.
Citing a projected budget deficit of 4% in the Fiscal Year 2024, he emphasized the achievements of the Government’s reforms. He also acknowledged the short-term difficulties brought about by the reforms, but he gave Nigerians hope that they would soon experience the anticipated benefits. The Federal Government’s well-coordinated economic policies are starting to show results, as evidenced by the declining rate of inflation growth, rising foreign investments when compared to the same period last year, and other encouraging fiscal indicators.
Given the impact that high food prices have on inflation, the Minister stated that lowering food prices and concentrating on providing all the support required to boost local food production are two of the administration’s top priorities in the short term under President Bola Ahmed Tinubu. He said there are initiatives in place to accomplish this.
The acceleration of the direct benefit transfer program, which has now been restarted following an initial pause of the program to improve transparency in its delivery, is just one example of the government’s efforts to ensure transparency and accountability in its social protection initiatives. Edun also emphasized the President’s commitment to the welfare of average Nigerians. In light of the payments’ return, he stated that this week’s direct transfer has already reached over 600,000 households.
The Minister also announced plans for the Federal Government to issue domestic USD denominated securities of up to US$500 million, initially to attract investment from Nigerians living abroad and from Nigerians whose savings are held overseas, as part of efforts to further improve foreign exchange liquidity and to demonstrate the resilience of the Nigerian financial system as economic stability takes root.
Edun stated that the government is committed to putting the Supreme Court’s ruling on the direct payment of federation allocations to Local Government Councils into effect.
https://youtu.be/C6kTZOQhPqs?feature=sharedAccording to the Minister, the first half of 2024 has shown that the Nigerian economy is, in fact, turning the corner. With macroeconomic stability, the economy is well-positioned for sustained and inclusive growth that will lead to the creation of jobs, the lifting of millions out of poverty, and both domestic and foreign investments that will enhance the standard of living for the average Nigerian.
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