By Akinsuroju Olubunmi
Emergency Plan: FG aims to stabilize economy.
The federal government has announced plans to introduce an “economic emergency plan” designed to stabilize Nigeria’s economy and promote sustained growth.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed this during the ministerial sectoral update briefing held in Abuja on Tuesday. According to Edun, the plan, awaiting the President’s approval, aligns with the mandate to restore the Nigerian economy through macroeconomic reforms.
Discussing various government interventions under President Tinubu’s administration, Edun highlighted efforts to protect the poor and vulnerable amid rising costs. “Mr. President is committed to ensuring that nobody is left behind during this period of high inflation. As chair of the presidential panel on social investment programs, he has emphasized the importance of direct payments to the poor, which is a powerful tool for improving living standards quickly,” Edun stated.
“The program has been restarted, aiming to assist at least 75 million Nigerians, including 15 million households, with payments totaling N75 million in the short term. To ensure public trust in this process, a system has been developed in collaboration with the Minister of Communications, Innovation and Digital Economy, the Minister of Health, the Minister of Youth, and others,” he added.
Edun also announced that the federal government’s revenue base has been completely revamped and strengthened to meet its obligations. “The revenue of the Federal Republic of Nigeria has been rejuvenated and increased substantially. This means the government can now meet its debt service obligations without resorting to additional borrowing, particularly for international and domestic debt service,” he said.
More details to follow…
Government, Revenue
Emergency Plan: FG aims to stabilize economy