The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Wednesday expressed optimism that the planned nationwide protest will be peaceful and orderly.
Edun stated this during a ministerial press briefing in Abuja, where he explained that President Bola Tinubu understands the plights of Nigerians, saying inflation was increasing globally, including in Nigeria.
According to him, the high cost of living is not peculiar to Africa’s populous nation but a global phenomenon. He also blamed the ongoing war between Russia and Ukraine for the rise in global inflation.
“The President truly understands the concerns that are being expressed, particularly the high and elevated cost of living which is not peculiar to Nigeria at this stage with wars in Ukraine, Gaza and Sudan,” he said.
“There is disruption around the world and there has not even been a full recovery from Covid. So inflation is high around the world, and costs are high around the world.
“With our import dependency for raw materials, we too are feeling the effect. However, inflation is falling around the world and in Nigeria.”
Economy and Debt
While giving an update on the country’s economic situation, the minister said the nation is in a state of recovery in the last 15 months.
Although he didn’t specify how Edun noted that the current administration has stopped the era whereby the Central Bank of Nigeria (CBN) kept paying the debt over time.
“Over the last 15 months or so, the economy has been turned around from the precipice,” he added.
“We have come from a situation where the nation was living in debt. Every time there was a bill to be paid, it was not paid from revenue or investment funding but it had to be paid from debt, particularly from the Central Bank and of course, that was not sustainable.
“That is no longer the case. The revenue of Nigeria has doubled compared to the first half of 2023, the 2024 revenue of the Federal Government has doubled and is expected to maintain that trajectory.”
