The Federal Government of Nigeria has thanked its people for persevering through the nation’s economic changes, which are now at last showing improvement.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, expressed this gratitude to the Senate Committee on Finance in an interactive session. He promised that the reforms’ early difficulties are behind them and that better times are coming, as evidenced by the early signs of improvement.
Foreign exchange and the market-based price of Premium Motor Spirit (PMS) are the two crucial reforms that were discussed. The consequences of these reforms are now being seen, and their fiscal sustainability will support the country’s economic viability.
The Nigerian government has brought about some significant reforms, such as the following: clearing the verified foreign exchange backlog, promoting a market-determined official rate, and ensuring that the Central Bank of Nigeria has unified the several official exchange rates.
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Additionally, the government made sure that gasoline prices were drastically lowered in order to phase out the subsidy, which had cost the nation more than 8.6 trillion naira (US$22.2 billion) between 2019 and 2022.
Even as it announced a cash transfer scheme to give 15 million households 75,000 naira for three months, the FG has begun to mitigate the impact of the changes on residents, particularly the poor and vulnerable.
The economy is anticipated to stabilize, fiscal sustainability will be encouraged, and enough funding will be available to offer high-quality public services. Through a fresh loan package worth US$2.25 billion, the World Bank has again intervened to aid Nigeria’s endeavors.
