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FG revenue rising, things are moving in right direction – Wale Edun
Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria’s economy is moving in the right direction as policies of the current administration are having positive impact.
The minister spoke on Channels Television’s programme on Tuesday from Washington DC.
Edun alongside other key ministers as well as Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), are in Washington DC for the International Monetary Fund (IMF) and World Bank spring meetings.
According to Edun, the federal government has made significant improvements in terms of oil revenues as well as stabilising the foreign exchange market.
“We are here to emphasise what has been done so far. We’ve all seen what has happened in terms of stabilising the exchange rate and inflation. Though it’s still ticking up, it’s headed in the right direction,” the minister said.
“If you look closely at the numbers that came out yesterday, you’ll see that there is a slowing of the rate of increase of food inflation. So things are moving in the right direction. Government revenues are up, even oil revenues are up not as much as we would like.
“So we’re here to present what the President has done so far and give an indication of what is to come. And I think also to give a sense of the optimism that is really the mood in Nigeria right now.
“What is next is what matters most and there is still a long way to go. We have seen some good signs of recovery, good signs that we’re going in the right direction, but there is much more needed before we get to achieving the real goal of Mr. President, which is growing the economy and reducing poverty.
“For that we need resources. We’re here to sit around the table with financiers. multilaterals that have chief financing, grand financing even bilaterals as well as to encourage investors.
“The important thing about these conversations is that the world is watching and a lot of investors take their cue from the kind of reactions and statements that come out from these types of gatherings.
“So as you’ve noticed, there have been very positive statements made about the progress made given the types of policies that have been implemented so far to come and invest in Nigeria.
“And we always emphasise the interest is in domestic investment. Nigerians investing in the Nigerian economy, as well as of course foreigners who want to invest and add value are welcome.”
Meanwhile, Nigeria’s inflation rate rose to 33.20 percent in March — up from 31.70 percent in February.
On the other hand, food inflation reached 40.01 percent in March, an increase of 15.56 percent points higher compared to the 24.45 percent rate recorded in the same month last year.
However, on a month-on-month basis, food inflation rate in March was 3.62 percent — which shows a 0.17 percent decrease compared to the 3.79 percent rate recorded in February.
Also, the naira appreciated against the dollar in less than two months, moving from about N1,900 per dollar on February 21 to N1,100/$ on April 13.
During the same period, the local currency, at the official window, recovered to N1,136.04/$ per dollar, from N1,551.24/$.
Speaking further, Edun who is also the head of the African finance ministers said the continent wants “a better deal” from the multilateral institutions.
He also said Africa looks forward to receiving lower financing charges and more resources.
“For instance, when you look at climate change, when you look at global warming, Africa accounts for maybe 3 percent or less of the world’s global warming yet, Africa suffers from the effects of climate change much more disproportionately, and therefore, it is looking for much more help in that direction, much more resources being provided,” Edun said.
“And essentially at the end of the day, much more help for the smaller countries, the coastal countries that are suffering so much from flooding, and other effects of climate change.
“So really, Africa is here for a better deal from the world economy and from the managers of the world economy.”
In October 2023, Edun was appointed to chair the African Governors’ Forum of the World Bank.
By Kayode Sanni-Arewa
The Nigerian Air Force (NAF) has began airlifting the sensitive election materials for the Independent National Electoral Commission (INEC) to Benin, Edo State, ahead of the upcoming governorship election scheduled for September 21, 2024.
This was disclosed on Wednesday by the Deputy Director, Public Relations and Information, Group Captain Kabiru Ali.
The operation is part of the NAF’s efforts to ensure the timely and secure delivery of materials necessary for a smooth electoral process.
This development reinforces the collaboration between NAF and INEC to facilitate logistics and ensure a peaceful election in Edo State.
The Chief of the Air Staff, Air Marshal Hasan Bala Abubakar, had previously reiterated NAF’s commitment to providing airlift support for the swift movement of electoral materials during a meeting with INEC Chairman, Professor Mahmood Yakubu.
This airlift operation is a crucial aspect of NAF’s constitutional responsibility to provide Military Aid to Civil Authority, underscoring the force’s dedication to supporting democratic processes in Nigeria. With the election just days away, the NAF’s timely intervention will help ensure the successful conduct of the governorship elections in Edo State.
Governor Godwin Obaseki of Edo State had earlier accused the Inspector General of Police, Kayode Egbetokun, of working with the All Progressives Congress (APC) to hunt the Peoples Democratic Party (PDP) members and supporters in the state and force them into hiding ahead of September 21 governorship election.
Obaseki, who made the allegation when a delegation led by the former Head of State, Abdusalam Abubakar, met with him to get the governor and his party to sign peace accord, said that the IGP had made nonsense of his (Obaseki’s) role as the chief security officer of the state.
The governor had said that the police chief obtained a warrant to arrest 60 members and supporters of PDP in Edo and that the IGP sent an armed “gang” of policemen who invaded the state, attacked PDP members, shot at a local government chairman and arrested 10 persons who are currently being detained in Abuja without charges.
Asked by the former head of state if his party would sign the peace accord, Obaseki said, “The person who is supposed to enforce the peace accord is now an active participant in creating a destructive environment.
“We are now in a situation where from the Inspector General’s office, there are armed gang policemen who came into Edo State, invaded, arrested and took away PDP members.
By Kayode Sanni-Arewa
The Governor of Osun State, Ademola Adeleke, has given reasons why he loves dancing.
The ‘Dancing Governor’, as he is fondly called, revealed this on Wednesday while responding to a tweet on X.
An X user, @Iwogoke, while praising the governor, stated that Adeleke has been busy fulfilling his electoral promises to the people of Osun State, while his political opponents believe he is only good at dancing.
Iwogoke tweeted, “I’m not flattering you, Your Excellency, your opponents think you can only dance but while they are busy shouting and calling you ‘Dancing Governor’, you are busy fulfilling your electoral promises to the people.”
Responding to the tweet via his verified X account, Adeleke explained that he loves dancing because it brings him joy.
Speaking further on his love for dancing, Adeleke highlighted that while dancing brings him immense happiness, his greater fulfilment comes from delivering the dividends of democracy to the people of Osun.
Outlining his administration’s efforts to enhance the state’s infrastructure, he noted that primary health centre rehabilitation is underway in at least 200 out of the 332 wards across Osun State, adding that road construction projects are also progressing in every local government area.
He wrote, “Dancing gives me joy, but delivering on my electoral promises and providing the dividends of democracy to the good people of Osun gives me even greater joy. Rehabilitation of primary health centers is ongoing in at least 200 out of 332 wards, and road construction is progressing in every Local Government!”
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