Amid worsening hunger and hardship, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria’s economy has shown positive growth, expanding by 2.99% in the first quarter of 2024.
This growth surpasses the 2.3% recorded in the preceding quarter, highlighting an upward trajectory for the nation’s economic performance.
Edun revealed these figures during the presentation of his ministry’s performance, marking one year into the administration of Chief Bola Tinubu.
Speaking in Abuja on Tuesday, May 27, he attributed the growth to the effectiveness of Chief Tinubu’s economic strategy.
Edun stated, “This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun explained. “By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.”
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The finance minister also noted significant improvements in revenue collection, enabling the government to service its debts without resorting to the Central Bank’s Ways and Means advances. This practice, previously a concern regarding fiscal discipline and inflation, has been mitigated.
Emphasizing the administration’s commitment to sustainable economic growth and fiscal responsibility, Edun concluded that these positive economic indicators reflect the government’s dedication to fostering a robust economic environment in Nigeria.
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