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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.
President Bola Tinubu has departed Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.
The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m. (Nigerian time).
President Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.
The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who commended his administration’s economic reforms and their positive indicators.
He also presided over the signing of a 2.5 billion dollar Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company and one of the top three largest meat processing companies in the World.
The president was accompanied in the trip by senior government officials including the minister of foreign affairs yusuf Tuggar, the national security adviser, Nuhu RIBADU and many others.
In commemoration of this year’s International Day for the Elimination of Violence Against Women, the House of Representatives will lead a landmark march on Monday, November 25, 2024, along with other strategic activities as part of its unwavering commitment to eradicating gender-based violence (GBV) in Nigeria.
This was contained in a statement issued by the HoR spokesperson, Rotimi Akin, Jr on Saturday.
According to him the march, which starts at 8:00 AM, will bring together over 1,000 participants – including Representatives and members of the public – on a symbolic walk from the National Assembly to the Headquarters of the Nigeria Police Force.
This demonstration of solidarity will culminate in the submission of a petition to the Inspector General of Police, demanding decisive action to safeguard vulnerable populations and ensure accountability for perpetrators of GBV.
“This march and the associated activities are not just symbolic gestures, they reflect our resolve and call to action against gender-based violence head-on,” said Hon. Abbas Tajudeen,, Speaker of the House of Representatives.
“We stand united in the fight to protect the rights and dignity of all Nigerians, especially the most vulnerable. Together, through collective action and legislative reforms, we can build a society where safety, justice, and equality prevail.”
Beyond the march, the 10th House of Representatives in alignment with its Legislative Agenda (2023 – 2027) has outlined *key activities to sustain awareness and action throughout the 16 Days of Activism:*
1. *Sash Demonstration Ceremony* – Tuesday, November 26, 2024
Members of the House will don orange sashes, symbolising solidarity with the fight against GBV, during plenary sessions throughout the campaign period.
2. *Convergence of State Assembly Speakers* – Monday, December 9, 2024
A strategic meeting at the Transcorp Hilton, Abuja, will bring together Speakers of State Houses of Assembly to discuss legislative strategies for combating GBV nationwide.
3. *National Citizens’ Summit and GBV Conference 2024 -* Tuesday, December 10, 2024
This summit will conclude the 16 Days of Activism with discussions on constitutional reforms and securing endorsements for gender equality initiatives championed by the House.
The House of Representatives invites all Nigerians to *participate in this historic march on Monday, November 25, 2024.* Participants will receive orange T-shirts—the official colour of the United Nations campaign to end violence against women—symbolising hope for a future free of violence.
*Details of the March:*
• *Date:* Monday, November 25, 2024
• *Time:* 8:00 AM
• *Starting Point:* Speaker’s Car Park, National Assembly
• *End Point:* Nigeria Police Force (NPF) Headquarters
Gender-based violence continues to devastate families and communities across Nigeria. The 10th House of Representatives however, remains steadfast in driving systemic reforms, fostering collaboration, and championing accountability to address this pervasive issue.
Together, let us take a decisive stand for justice, equality, and the protection of human rights, paving the way for a safer, more equitable Nigeria.
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