Finance minister reports major progress in economic reforms by FG

The Federal Government has made significant strides in its economic reforms, well on its way to achieving a step-change in revenues in line with the budget for 2024.

The Minister of Finance and Coordinating Minister of Economy, Mr Wale Edun, said this at a Quarterly Ministerial briefing, in Abuja.

The theme of the ministerial briefing is “Economic Recovery and Growth: Progress and Prospects 2024.”

He highlighted successes of the government’s reforms, citing a projected budget deficit of four per cent in the 2024 fiscal year.

He also acknowledged the temporary hardships caused by the reforms but assured that Nigerians would soon benefit from the expected outcomes.

According to him, the well coordinated economic policies of the federal government is beginning to yield results as shown in the slowing rate of inflation growth .

“There is also increae in foreign investments relative to the same period in the previous year, amongst other positive fiscal yardsticks that are being noted,” he said.

The minister said that one of the major priorities of the President Bola Tinubu-led administration in the immediate term was to reduce food prices.

He said that the administration also focus on providing all the necessary support to increase local food production, given the impact of high food prices on inflation.

He said that efforts are underway to achieve the goal.

Edun emphasised the president’s commitment to the welfare of Nigerians and the government’s efforts to ensure transparency and accountability in its social protection initiatives.

“Including but not limited to the acceleration of the direct benefit transfer programme that has now been restarted following an initial pause of the programme to improve transparency in its delivery”.

He said that following the resumption of payments, over 600,000 households have already received the direct transfer this week.

“As part of efforts to further improve foreign exchange liquidity and to showcase the resilience of the Nigerian financial system as economic stability takes root.

He also announced plans for the Federal Government to issue domestic denominated securities of up to 500 million dollars to attract foreign currency held by its citizens living abroad.

Edun, however, acknowledged the Supreme Court’s judgment on direct payment of federation allocations to Local Government Councils.

He reiterated the government’s commitment to implementing the judgement.

The minister said that with the outcome of the first half of 2024, Nigerian economy was being well positioned for sustained and inclusive growth.

“The commitment will creates jobs, lifts millions out of poverty and drives domestic and foreign investments that will improve the general well-being of the Nigerians,” he said.