Mariam Abeeb
The Minister of Finance and coordinating minister of the economy, Wale Edun has disclosed plans to unveil an ‘economic emergency plan’, to stabilize the nation’s economy and development
He made this known during his presentation at the ministerial sectoral update briefing in Abuja .
He explained that the plan which awaits the President’s approval, is part of efforts to restore the Nigerian economy through macroeconomic reforms.
Speaking on the various intervention of the government under the Tinubu-led administration, Edun noted efforts to ensure protection of the poor and the vulnerable at a time of heightened cost.
“Mr President was committed to making sure nobody is left behind at a time of high inflation.
“ So as we all know, as the chair of the presidential panel of social investment programs, the all-important direct payments to the poor, which is a veritable tool and the sharpest tool you can have for attacking increased living standards, for helping people immediately.
Edun, clarified that the government of President Tinubu was not responsible for the economic conditions that led to the shutdown of about 800 companies in 2023 in Nigeria.
He added that the departure of these companies from Nigeria’s economic landscape did not happen overnight; instead, factors like market instability, unfulfilled promises, and breaches of contract forced them out.
He added that these issues are currently being addressed by the current administration.
“Our government inherits the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.
Speaking further, the minister announced that the revenue base of the Federal government has been totally revamped, and strengthened to meet the obligations of the government.
“But we are now in a situation where the revenue of the Federal Republic of Nigeria has been totally revamped, rejuvenated, and increased substantially.
“What that means is that the government can now pay its way. The government is paying its debt service without resort to ways and means, particularly international debt service and the obligations domestically are being paid,” he said.
The Nigerian economy is experiencing a positive growth rate of 2.99 percent surpassing the 2.3 percent growth seen in the first quarter of 2023
This improvement in economic growth, Edun said highlights the effectiveness of President Bola Tinubu’s economic strategy.
Edun noted that agriculture, a critical sector of the economy, is showing marginal growth.
He said this sector’s progress is expected to play a significant role in combating inflation, especially through a favourable wet season harvest that should stabilize food prices.By managing the food price index effectively, the government aims to alleviate one of the major pressure points on inflation.
He said: “This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun explained.
