Nigeria’s foreign reserves have seen a significant increase of $4 billion since January, according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. Edun disclosed this at an investor meeting held in Lagos on Thursday, which was organized for the issuance of a $500 million FGN bond.
Edun highlighted that the Federal Government’s overall revenue has doubled, crediting this achievement to the implementation of robust fiscal policies and reforms aimed at improving revenue collection across various sectors.
According to data from the Central Bank of Nigeria (CBN), Nigeria’s external reserves reached $35.05 billion as of July. The CBN also plans to boost diaspora remittances to maintain a steady flow of foreign exchange into the country.
Edun noted that the macroeconomic reforms introduced by President Bola Tinubu’s administration are beginning to yield positive outcomes, with targeted interventions being rolled out across the nation.
“In macroeconomic reforms, the initial challenges precede the benefits. We’ve implemented interventions that provide direct payments to individuals,” Edun stated. He added that despite initial difficulties, the use of technology and persistent efforts have expanded the program, with one million households, representing five million people, receiving payments last month.
Furthermore, Edun mentioned that small-scale businesses are now able to access funds at an interest rate of 9% per annum. He also confirmed that the N70,000 minimum wage and wage adjustments for certain government workers would soon be implemented, emphasizing the importance of adhering to legal requirements, including fiscal autonomy for Local Government Councils.
Credit: MarketForces (Text Excluding Headline)
