Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has outlined the government’s efforts to ease the hardship faced by Nigerian citizens. In an interview with Channels TV, Edun addressed various economic challenges, including rising inflation, food insecurity, and support for vulnerable groups.
Acknowledging the increased cost of living and elevated food prices, Edun attributed these issues to past economic policies and highlighted the government’s corrective measures. He emphasized the government’s commitment to assisting vulnerable populations, announcing a revamped cash transfer program that aims to reach 75 million Nigerians. The program will focus on transparency, accurate beneficiary targeting, and the use of technology to prevent fraud and ensure funds reach their intended recipients.
To increase food availability in markets, the government is tapping into its reserves, releasing 42,000 metric tonnes of grain and planning another 60,000 tonnes. Additionally, a program providing grains for both human consumption and animal feed is underway to further stabilize the food supply.
Edun also announced non-repayable grants of 50,000 Naira for artisans, traders, women, and youth running small businesses. The program will cover at least 1,000 people in each of Nigeria’s 774 local governments, totaling 50 billion Naira.
In efforts to manage government revenue more efficiently, Edun stated that a stricter regime of cost management is being implemented for state-owned enterprises. Revenue collection is being expedited through technology to eliminate delays and potential misuse.
Furthermore, the government has introduced reforms aimed at reducing excess money supply in the system by increasing production and boosting oil revenue. Edun highlighted a 70% increase in tax revenue targeted through rationalization and technology implementation, rather than increasing taxes.
These measures underscore the government’s commitment to addressing economic challenges and ensuring the well-being of Nigerian citizens.
TheGuardian News