Wale Edun
Since January, FG improves on foreign reserves by $4bn
… implementation of robust fiscal policies and reforms aimed at enhancing revenue collection efficiency across various sectors was responsible for the improvement.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s foreign reserves have grown by four billion dollars since January.
Edun said this on Thursday in Lagos, at an investor meeting for the issuance 500 million dollars FGN bond.
He said that the aggregate Federal Government revenue had more than doubled
He said that the implementation of robust fiscal policies and reforms aimed at enhancing revenue collection efficiency across various sectors was responsible for the improvement.
The News Agency of Nigeria (NAN) reports that according to data from the Central Bank of Nigeria (CBN), the external reserves reached 35.05 billion dollars as of July.
The CBN had said it plans to double the diasporas’ remittance through a steady flow of foreign exchange into the country.
According to Edun, the macroeconomic reforms of the President Bola Tinubu administration have begun yielding fruits.
He said that targeted interventions are being implemented across the country.
“In macroeconomic reforms, the pains come first before the benefits. There have been interventions that gave direct payments to individuals.
“The process was difficult at first, but with technology and determination, it has been speeded up.
“Last month, a million households representing five million people received their payments. That will be maintained and increased,” he said.
He said that small-scale businesses were getting funds at an interest rate of nine per cent per annum.
The minister said that the ₦70,000 minimum wage and wage adjustment for certain categories of government workers on the consolidated salary structure would soon be implemented.
“The minimum wage is a law, and it is just about following the law. Fiscal autonomy for Local Government Councils is also an aspect that the law deals with,” he said.
