Nigeria’s Minister of Finance, Wale Edun, has stated that the country is on the right economic path under President Bola Tinubu’s administration. Edun cited the decrease in the price of rice from 120,000 to 80,000 as evidence of the government’s progress. Additionally, prices of other essential commodities such as garri, pepper, and tomatoes have also dropped.
According to Edun, the government’s efforts to stimulate agricultural production and provide support to smallholder farmers are yielding positive results. The minister also noted that 8.1 million households have received direct cash support to help meet their basic needs. However, Edun acknowledged that despite the progress made, the country still faces significant challenges, including high debt service costs and a low revenue-to-GDP ratio.
The minister highlighted the government’s plans to address these challenges, including the introduction of a new tax regime aimed at broadening the tax base and reducing leakages. Edun also emphasized the importance of anchoring growth in real sectors such as agriculture, oil and gas, and manufacturing, which can generate jobs and opportunities for Nigerians.
The government’s efforts to improve the business environment and attract private investment are also underway, with projects such as the Ajaokuta-Kaduna-Kano gas pipeline and the expansion of fiber optic infrastructure. Edun expressed confidence that with the participation of the private sector and citizens, Nigeria can achieve its medium-term growth target of 7% by 2027/28.
The minister’s statement comes as the government faces criticism from opposition parties, who have accused the administration of manipulating food prices for political gain. However, Edun’s assessment suggests that the government is making progress in addressing the country’s economic challenges, and that the future looks promising for Nigeria. With the government’s focus on stimulating economic growth, improving the business environment, and providing support to vulnerable citizens, Nigeria may be on the path to achieving sustainable prosperity.
