Nigeria’s Minister of Finance, Wale Edun, has unveiled plans to allocate the country’s increased revenue to various social programs aimed at improving living standards and addressing pressing societal needs. The social investment program, which targets 60% of the poorest population, approximately 20 million people, has already reached four million households through direct cash transfers.
President Bola Tinubu announced that the government’s revenue for the first half of 2024 stood at over N9.1 trillion, more than double the N4.06 trillion generated in the same period in 2023. Edun attributed this growth to domestic resource mobilization and the application of technology to reform the civil service.
Key Areas of Focus:
- Agriculture: To help reduce inflation and make food more available and affordable.
- Manufacturing: Encouraging Nigerian manufacturers to commit up to $4.2 billion in investments.
- Oil and Gas: Attracting significant investments, including an additional $10 million from ExxonMobil.
- Housing: Supporting economic growth.
Initiatives:
- Student Loan Scheme: Enabling students to access education.
- Consumer Credit: Allowing workers to purchase household goods or convert vehicles to cleaner fuel.
- Agricultural Grants and Loans: Providing up to N75 billion to support small and micro enterprises.
The World Bank Country Director for Nigeria, Ndiamé Diop, praised the country’s revenue increase, noting that its revenue-to-GDP ratio is expected to improve. He emphasized the importance of ongoing reforms in stabilizing Nigeria’s fiscal position and ensuring sustainable economic growth
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