Wale Edun, Nigeria’s finance minister and Coordinator minister for the economy stated on Tuesday that the economy is far better now than how President Bola Tinubu met it in May 2023 on takeover of government.
He was speaking during an interactive session by the House of Representatives with some members of the Economic Team which he leads to discuss the state of the economy. Edun appeared before the lawmakers alongside Yemi Cardoso, governor Central Bank of Nigeria (CBN); Ayo Adedeji, Chairman, Federal Inland Revenue Service (FIRS); as well as Abubakar Atiku Bagudu, minister of Budget and Economic Planning.
“We are in a much better place,” Edun to the lawmakers who have been trying to get answers on behalf of Nigerians about the current economic hardship.
He said for instance that oil production which went as low as below one million barrels per day sometime last year has come up to about 1.65 mbp today and rising. This he attributed to ongoing efforts are tackling oil theft in the Niger Delta region. And according to him , “this is the quickest way to give give relief.”
He further noted that the bold measures taken by President Tinubu’s government since assumption of office are already resonating around the world.
“We go to the IMF we meetings, UNGA meetings, G 20 meetings, and there is nothing but pride and admiration and deep respect for the courage that has been shown economically in Nigeria,” he stated.
He also mentioned that fuel consumption has also reduced appreciably by about 20 million litres on the back of fuel subsidy removal which also halted petrol smuggling.
He mentioned that a lot was also being done in terms of agriculture and food production, which would help tame food inflation and overall headline inflation.
He noted that during his recent meeting in Nasarawa with all the stakeholders in the agricultural chain, he was assured of a very good dry season harvest.
“And we know all the steps that have been taken to intervene in our sector, from fertilizer from green supply to funding for rice, maize. Wheat and cassava to bring on the production 400,000 hectares.”
Edun reiterated FIRS chair’s earlier plan for an Aggressive Domestic resource mobilisation with the application of technology, and that this strategy will help ramp up overnment incomes.
He pleaded to citizens for a little more patience and understanding, assuring that the measures already being taken will soon crystallize into better outcomes for the economy.
“Let us be confident and be assured that Nigeria has turned the corner in terms of its economic management,” Edun stated.