The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the Corporate Customers Forum in Lagos state on Thursday stated that Nigeria’s foreign reserves has hit a net inflow of about $2.35bn in the last 7 months.
He had in July reported that Nigeria’s foreign reserve rose to $35.05bn according to the data from the Central Bank of Nigeria.
He also highlighted that the country’s tax-to-GDP ratio stands at 10 per cent, with the revenue to GDP ratio at 15 percent and called for more infrastructure and social safety net spending to address these low figures.
In his words, “There has been a net inflow in the first seven months of this year of about $2.35bn every month and that this increase has played a key role in stabilising the naira in the foreign exchange market.
He also said, “We also have foreign exchange liquidity. The gross reserves are up,” the minister continued. He attributed this growth to the government’s efforts and remarked, “On the fiscal side as well, government revenues are growing.”
“We have relative currency stability. And of course, the all-important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates,” Edun concluded.
