President Bola Tinubu’s government has made significant strides in its economic reforms and is 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, Wale Edun, said this at a quarterly ministerial briefing in Abuja. He highlighted the successes of the government’s reforms, citing a projected budget deficit of four per cent in the 2024 fiscal year.

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

According to him, the government’s well-coordinated economic policies are beginning to yield results, as the slowing inflation growth rate shows.

“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 one of Mr Tinubu’s immediate priorities was reducing food prices. He said that the administration also focuses on providing all the necessary support to increase local food production, given the impact of high food prices on inflation.

The finance minister said efforts are underway to achieve the goal.

Mr 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,” Mr Edun explained.

He said that following the resumption of payments, over 600,000 households had 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, the finance minister announced plans to issue domestic-denominated securities of up to $500 million to attract foreign currency held by Nigerians living abroad.

Mr Edun, however, acknowledged the Supreme Court’s judgment on direct payment of federation allocations to local councils. He reiterated the government’s commitment to implementing the judgment.

The minister said that, with the outcome of the first half of 2024, the Nigerian economy would be 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. 

(NAN)