Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s foreign reserves grew by four billion dollars since January.
Edun said this on Thursday in Lagos at an investor meeting for the issuance of a 500 million-dollar FGN bond.
He said that the aggregate Federal Government revenue had doubled.
The minister 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 planned to double the diaspora’s 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 fruit.
He said that targeted interventions were being implemented across the country.
“In macroeconomic reforms, the pain comes 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 increased.
“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 year.
The minister said that the N70,000 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. (NAN)
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