Nigeria’s Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, announced yesterday that the government’s economic reforms are showing positive results, with a net inflow of $16.45 billion into foreign reserves in the first seven months of the year.
Speaking at the 2024 Access Bank Annual Corporate Forum in Lagos, themed “Nigeria’s Economic Rebirth: Hopes and Implications,” he revealed plans to support 360,000 farmers to combat soaring food inflation and rejuvenate the economy.
Edun, among other things, stated: “Seventeen months or so, we rethink the reforms from the evidence, from the data, from the details that we have in our hands , the reforms are yielding fruits.
“The economy is beginning to turn a corner and I think we all are witnesses to the improved macroeconomic stability, stable exchange rates, increasing government revenue, positive and increasing trade balances, current account balances and the total reconfiguration and the revamping of government revenues as well as the greater emphasis on expenditure.
“We have relative currency stability, and of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates.
“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.
“On the fiscal side as well, government revenues are growing. And the key to government revenue is not so much that the government has revenue to compete with the private sector. It is the fundamentals, the social and the key infrastructure spending, the social safety net spending.
“And, historically, our figures are low. Our tax to GDP ratio is as low as 10 percent. Our revenue to GDP is also around 15 percent.”
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