According to Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, the country’s foreign reserves have climbed by $4 billion since January.
Edun announced this on Thursday in Lagos during an investor conference for the sale of a $500 million FGN bond. He claimed that overall federal government revenue had doubled.
The minister claimed that the improvement was the result of strong fiscal policies and reforms aimed at enhancing revenue collection efficiency across numerous industries.
According to the News Agency, the Central Bank of Nigeria’s (CBN) external reserves totaled $35.05 billion in July. The CBN has stated that it wants to double diaspora remittances by ensuring a constant flow of foreign cash 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 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 percent 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. Financial autonomy for local government councils is also an aspect that the law deals with,” he said.
