The Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, says Nigerian economy is showing signs of growth with a Gross Domestic Product growth rate of 2.98 per cent in the first quarter of 2024.
Edun made this known during the presentation of his ministry’s performance, one year into President Bola Tinubu’s administration in Abuja on Tuesday.
He said the agricultural sector, which is critical to the economy, is now showing marginal growth.
“This growth in agriculture provides the monetary authority with the leverage needed to stabilise foreign exchange (FX) rates.
“By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.
“This sector’s progress is expected to play a significant role in combating inflation, especially through a favourable wet season harvest that should stabilise food prices.”
Speaking further, the finance minister stated that the government now has enough to pay its debt.
“What that means is that the government can now pay its way. The government is paying its debt service without resulting in Ways and Means, particularly international debt service,” the minister said.
“That process that has been put in place, is one that we have mandated not just by Mr. President, but even the national assembly in passing the 2024 budget, insisted that Nigeria’s money that was in the hands of parastatals, agencies, or other enterprises needed to be brought in.
“That has been done by the government, not in as comfortable a situation as we would like to be, but onwards where we’ve paid our way domestically, internationally.”
Edun also added that continuing on this path would result in an expanding economy and enhanced living standards for Nigerians.
His words: “We have room to feel that continuing on these paths, redoubling our efforts, following Mr President’s agenda, at the state level and federal level, will lead us to a growing economy that takes us out of poverty and produces a better life for Nigerians.”
