The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says President Bola Tinubu`s economic reforms have substantially improved the Federal Government`s revenue.
Edun said this on Tuesday in Abuja while rendering his scorecard at the sectoral ministerial update organised by the Federal Ministry of Information and National Orientation.
According to Edun, the administration met a situation where the government did not have enough money, and the government was not able to pay its way.
“Through implementing technological change and procedures which refers, not just to the skills of the workforce, but to the political will, we are now in a situation where the revenue of the country has been totally revamped and increased substantially.
“The government can now pay its way. The government has paid its debt service without resort to ways and means, particularly international debt service.
“And the process that has been put in place is one that we were mandated by Mr president, that Nigeria’s money in the hands of agencies and parastatals of government should be husbanded properly.
“We owed the Islamic Development Bank N200 million in terms of shareholding. It has been paid,” he said.
He said that on assumption of office, the president began major economic reforms aimed towards achieving stability of the Nigerian economy.
He listed the removal of fuel subsidy and reforms in the foreign exchange market as part of the reforms.
“These were necessary reforms that have affected the standard of living.
“But the president was committed to balancing the effect with interventions across sectors.
“In the first quarter of 2024, GDP growth at 2.98 per cent is an indication that the economy is growing, higher than population growth of 2.4 per cent.
“President Tinubu’s strategies, policies and programmes have turned the country in the right direction of growth, and there is room for optimism,” he said.
The minister said that agriculture had the potential to move the economy forward and reduce inflation.
“In the fourth quarter of 2023, agriculture receded by 0.9 per cent, in the first quarter of 2024 it grew marginally by 1.8 per cent,” he said.
On social intervention, he said that the programme on direct payments to the poor had been restarted.
According to him, 15 million households have been awarded the payment of N75 million.
“In order to make sure that public trust is retained, we have a system that has been developed berween Minister for Communication, Innovation and Digital Economy, the Minister of Health, and other relevant ministries.
“Each beneficiary is required to have a NIN that individually identifies them. Interventions cover the whole spectrum,” he said.
Edun said that food security was a worldwide issue, adding that in Nigeria, efforts were being made to ensure food security.
He said that access to credit had been provided.
“N100 billion of consumer credit has been allocated, and people have started applying.
“Also, the Nigerian Education Fund has an initial N60 billion allocation. The portal is open, and students are taking advantage,” he said.
The minister said that grants were being pushed out for the support of SMEs under a programme with the Bank of Industry.
He said N50,000 has been given to one million nano industries across all 774 Local Government Areas of the country.
The minister said that the larger industries were getting funding at a relatively cheap rate.
“Nine per cent for N1 million for the smaller industries and up to one billion Naira can be applied for by bigger industries.
“In terms of intervention support, we have fresh on Mr president’s table, an economic emergency plan for stabilising the economy and complementing over the next six months.
“It has been put together by the president’s economic team, private sector representatives, and the sub-nationals.
“They sat together, and we have a package on Mr President’s desk this afternoon for his approval,” he said.
