Politics

Edun: Tinubu Administration has Exited Ways and Means Borrowing, Announces New Economic Measures

Written by Jerry Alomatu on July 25, 2024

News Views: 81

President Bola Tinubu’s administration has officially concluded its use of the Central Bank of Nigeria’s Ways and Means facility within the past year, according to Finance Minister and Coordinating Minister of the Economy, Wale Edun.

Speaking at a press conference in Abuja on the Half Year Performance of the economy, Edun emphasized that reducing food prices is currently President Tinubu’s top priority. He characterized the removal of the fuel subsidy as “technical” and mentioned obstacles in implementing the recent Supreme Court ruling regarding direct payments to Local Government Councils.

The federal government plans to issue a $500 million Bond within the next four weeks to attract investments from the Nigerian diaspora and encourage the repatriation of funds held abroad.

Edun reported that recent reforms have led to the federal government exceeding its Half Year revenue target by 30 percent, and it is on track to achieve a budget deficit of approximately 4 percent for the 2024 Fiscal Year.

Addressing concerns about the economic challenges facing Nigerians, Edun acknowledged the short-term hardships caused by reform policies but assured that the long-term benefits would be significant. He also noted that President Tinubu remains deeply concerned about the welfare of ordinary Nigerians. Following issues with the Cash Transfer Programme of the Social Investment initiative, about 600,000 beneficiaries have recently resumed receiving aid.