President Bola Tinubu's administration has officially exited the Ways and Means borrowing from the Central Bank of Nigeria within its first year, according to Finance Minister Mr. Wale Edun. At a press conference in Abuja, Edun highlighted that reducing food prices is a top priority for President Tinubu.
Edun described the removal of the fuel subsidy as “technical” and noted challenges in implementing the Supreme Court's ruling on direct payments to Local Government Councils. He also announced plans to issue a $500 million bond in the coming weeks to attract investment from Diaspora Nigerians and encourage repatriation of funds.
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The federal government has exceeded its Half Year revenue target by 30 percent and is projected to achieve a budget deficit of about 4 percent for the 2024 Fiscal Year. Edun acknowledged that while the reform policies might have caused immediate hardships, the long-term benefits are expected to improve the situation for Nigerians.
Addressing concerns about the impact on citizens, Edun assured that President Tinubu is deeply concerned about public welfare. He also revealed that the Cash Transfer Programme under the Social Investment initiative has resumed, now benefiting approximately 600,000 people after overcoming transparency challenges.
