FG Making Significant Progress with Economic Reforms
…On Track to Achieve Budget Targets by 2024
By Patience Ikpeme
The Federal Government of Nigeria has announced significant strides in its economic reforms, bringing it closer to achieving a step-change in the revenues of the country.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made the announcement during a half-year review Ministerial Press Briefing in Abuja.
During the briefing, Edun revealed that the Federal Government is well on its way to achieving the budget targets set for 2024. He highlighted the successes of the government’s reforms, including the projected budget deficit of 4% in the 2024 Fiscal Year.
Despite acknowledging the temporary hardships caused by these reforms, he assured the Nigerian population that the expected outcomes would soon benefit them. The Minister emphasized that the well-coordinated economic policies of the Federal Government are beginning to yield positive results.
One of the major priorities of the Bola Ahmed Tinubu-led Administration is to reduce food prices and focus on increasing local food production. Edun recognized the impact of high food prices on inflation and stated that efforts are underway to achieve this goal.
The Minister underscored President Tinubu’s commitment to the welfare of ordinary Nigerians and the government’s efforts to ensure transparency and accountability in its social protection initiatives. He mentioned the acceleration of the direct benefit transfer program, which has restarted after an initial pause to enhance transparency in its delivery. Already, over 600,000 households have received direct transfers this week.
To further improve foreign exchange liquidity and demonstrate the resilience of the Nigerian financial system, the Minister announced plans for the Federal Government to issue domestic USD denominated securities. These securities, amounting to up to US$500 million initially, aim to attract investment from Diaspora Nigerians and those with savings held abroad.
In addition, Edun acknowledged the Supreme Court’s judgment on the direct payment of federation allocations to Local Government Councils. He reiterated the government’s commitment to implementing the judgment, emphasizing the importance of transparent and accountable governance.
The Minister concluded by affirming that the Nigerian economy is turning the corner with the outcomes of the first half of 2024. With macroeconomic stability, the economy is being positioned for sustained and inclusive growth. This growth is expected to create jobs, lift millions out of poverty, and attract domestic and foreign investments that will improve the general well-being of the average Nigerian.
As the Federal Government continues to make progress in its economic reforms, the future looks promising for Nigeria’s economic prosperity and the well-being of its citizens.
