In a press conference in Abuja, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced significant economic achievements under President Bola Tinubu’s administration.
The government has exited the Ways and Means borrowing scheme from the Central Bank of Nigeria within one year, and the country’s total debt has decreased from $108 billion to $91 billion.
Edun emphasized President Tinubu’s priority of reducing food prices and noted the successful servicing of all domestic and international debts without resorting to Ways and Means financing.
He confirmed the removal of fuel subsidies from the 2024 budget, addressing the impact of exchange rate reforms on fuel prices and highlighting the illicit transfer of wealth to neighboring countries through fuel smuggling.
The minister acknowledged obstacles in implementing the Supreme Court’s ruling on direct payments to Local Government Councils but assured that President Tinubu is committed to fiscal federalism and the rule of law. A committee is working on the practicalities of the ruling, despite delays due to pending procedural details.
To attract diaspora investments, the government plans to issue a $500 million bond within the next four weeks. This initiative aims to encourage Nigerians abroad to invest in the country, utilizing local financial systems and enhancing macroeconomic reforms.
Edun reported that federal revenue has surpassed half-year targets by 30 percent, with a budget deficit projected at around 4 percent for 2024.
He also highlighted the resumption of the Cash Transfer Programme, benefiting approximately 600,000 households, as part of efforts to mitigate the impact of economic reforms on ordinary Nigerians.
The program has been reconfigured for improved transparency and efficiency, ensuring direct payments through biometrically verified methods.