The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the increase in Nigeria’s revenue for the 2024 fiscal year is being directed towards various social intervention programs designed to enhance the living standards of citizens and address urgent societal challenges.
Speaking at the panel session titled “Fiscal Reforms for a More Secure Future” at the 30th Nigeria Economic Summit Group (NESG), Wale noted that the increased revenue is mainly allocated to fund social programs designed to alleviate the impact of essential yet challenging reforms on the cost of living.
The minister noted that the social investment program aims to benefit 60 percent of the country’s poorest population, impacting 20 million persons. He also revealed a comprehensive proposed agenda for economic reform, which aims to reduce inflation, create jobs, and stimulate growth in key sectors of the economy.
He noted that during President Bola Tinubu’s address on October 1, 2024, the president announced that government revenue for the first half of 2024 (January to June) surpassed N9.1 trillion, more than doubling the N4.06 trillion generated in the same period in 2023.
According to the minister “In terms of revenue, the number one place to look was inwards, domestic resource mobilization. That’s where the government started. By the first half of this year, revenue had doubled. Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly.
“We have applied technology in a way that essentially reforms the civil service. Rather than waiting for compliance from government ministries, departments and agencies and government companies, we looked at what the rules and regulations were, how much a company was allowed to spend on its revenue, and then how much of its surplus it had to provide to the government.
He further added that “The social investment programme is spearheaded by direct transfers to reach 60 per cent of the poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government. That is how President Tinubu’s government is spending the money which is being yielded from better oil production”.
Edun highlighted the government’s emphasis on agriculture, manufacturing, oil, and housing as key sectors for Nigeria’s economic growth. He stated that enhancing food production is a priority to help reduce inflation, with the goal of making food more accessible and affordable to lower the cost of living for Nigerians.
He added that the government is partnering with the African Development Bank (AfDB) to create agricultural processing zones, which will ensure a steady supply of raw materials for domestic industries to support these initiatives.
