While speaking with the media today, the Honourable Minister of Finance and Coordinating Minister of Economy, Wale Edun highlighted the challenges and efforts the government is putting in place to reinvigorate the economy and bring succor to Nigerian in the face of ongoing reforms.
– Food scarcity and increased food prices are major concerns. The government plans to release 40,000 metric tons of food initially, with discussions in place to release an additional 60,000 metric tons.
– The government will provide N25,000 for three months to 15 million households, covering 75 million Nigerians. This will be facilitated through technology, avoiding middlemen, and verification will be done using National Identification Numbers (NIN) and Bank Verification Numbers (BVN).
– Nano-sized businesspeople in all Local Government Areas (LGAs) will receive a grant of N50,000 each.
– Plans are in place for a new minimum wage with the tripartite committee already tasked with coming up with a new figure soon.
– The government plans to implement a new tax model driven by technology to increase tax revenue by 70% this year.
– The plan is also to sustain increased oil production to meet OPEC quotas and generate more revenue from ministries, departments, and agencies (MDAs) by blocking loopholes. There will also be an emphasis on increasing non-oil exports.
– In terms of expenditure, contractors will now be paid directly from the Central Bank of Nigeria (CBN) to their accounts, eliminating middlemen.
– Inflation is attributed to the printing of money not backed by productivity. Efforts are being made to increase productivity, and the Central Bank of Nigeria (CBN) is working to remove excess money from circulation, and the fiscal team pledges collaboration with the CBN to further combat inflation.
The government is working on so many reforms that will put Nigeria on the path of sustainable economic growth, and that is what President Bola Tinubu continues to push for.