Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the rise in Nigeria’s revenue for the 2024 fiscal year will be channelled to various social intervention initiative.
These programmes are targeted at addressing the critical societal problems.
According to Edun, the SIP is designed to benefit 60 percent of the indigent citizens, directly impacting 20 million people.
He also unveiled a comprehensive economic reform agenda focused on reducing inflation, creating jobs, and driving growth in key sectors like agriculture, manufacturing, oil, and housing.
During his remark at the 30th Nigeria Economic Summit in Abuja, Edun maintained that the increase in írevenue more than doubling to over N9.1 trillion in the first half of 2024 compared to N4.06 trillion in the same period in 2023 was largely driven by the robust application of technology and domestic resource mobilization.
Edun noted that the improved revenue is being used to finance social programmes set to reduce the impact of recent economic reforms.
These reforms, though necessary, have affected the cost of living.
Direct cash transfers are reaching 20 million of the poorest individuals, and the government aims to expand support to 15 million households.
Additionally, Edun highlighted the government’s focus on increasing food production to help lower inflation and reduce the cost of living for Nigerians.
In the oil sector, he revealed that recent reforms have attracted significant investments, including an additional $10 million from ExxonMobil, bolstering foreign exchange earnings and economic growth.
The minister also discussed initiatives like the student loan scheme, consumer credit for workers, and grants and loans for small and large enterprises.
In particular, the government has allocated N75 billion to support one million small businesses, while larger companies can access an additional N75 billion at a nine percent interest rate.
World Bank Country Director for Nigeria, Ndiamé Diop, speaking at the summit, acknowledged the country’s significant revenue increase. He noted that Nigeria’s revenue-to-GDP ratio is expected to improve, cautioning that past deficits funded through debt could have led to a fiscal crisis without these ongoing reforms.
The measures, Diop emphasized, are crucial for stabilizing the economy and ensuring sustainable growth.
