He stated that within the first year of the present administration, the financial processes of the country have improved significantly with an increase in government revenues substantially and sustainably.
The Minister, who rolled out the state of the economy for the year in review said that expenditure processes have been tightened through automation. “From economic revitalization to social development, from infrastructure enhancement to good governance. This administration’s bold reform measures reflect a commitment to building a more prosperous, equitable and resilient Nigeria,” he said
Edun explained that the President Bola Ahmed Tinubu-led administration within the year under review was able to boost oil revenues through increased oil production of 1.65mbd as of January 2024.
He assured that the country’s economy is growing with a Gross Domestic Product (GDP) growth rate of 2.98 per cent in the first quarter of 2024, which is higher than the population growth rate of 2.4 per cent and last year’s growth rate of 2.31 per cent.
“The economy is growing at 2.98 per cent for the first quarter of this year, which is higher than the population of 2.4 per cent. It is higher than last year’s 2.31 per cent. So, on balance, we can say that the President’s policy strategies and his programmes have turned the country in the right direction, upwards, growing,” he said.
The minister maintained that the ministry, under his stewardship, will continue to ensure the full implementation of the reform policies and programmes of the government in order to restore stability to the economy, in line with the Renewed Hope Agenda of the present administration.
Edun noted that the reforms have led to an increase in revenue, enabling the government to pay its debts and invest in infrastructure. He explained that the government has also implemented social investment programmes to protect the poor and vulnerable, with direct payments of N75,000 to 15 million households.
He added that efforts are being made to improve food security, with 200 billion naira allocated to intervention programmes, stating that access to credit has also been improved, with N100 billion allocated to consumer credit and grants of N50,000 being given to one million nano industries.
He said that the government has implemented a system of payment to ensure that Nigeria’s money is spent wisely and accountably.
Edun emphasised the importance of infrastructure in growing the economy and creating jobs and added that the fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian.
“The government’s efforts have led to an improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positivity,” he said.
The Minister who was accompanied to the event by the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, the Permanent Secretary, Special Duties, Mr. Okokon Ekenam Udo, Heads of Agencies under his supervision as well as Directors of the Ministry, expressed optimism that continuing on this path will lead to a growing economy and improved living standards for all Nigerians.
“We have room to feel that continuing on these paths, redoubling our efforts, following Mr President’s agenda at the state and federal level, will lead us to a growing economy that takes us out of poverty and produces a better life for all Nigerians,” Edun emphasised.
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