HM Wale Edun’s presentation of the Ministry of Finance achievements at the Ministerial Sectorial Briefings held Tuesday May 28th in commemoration of President Tinubu’s first year in office.
Macroeconomic Reforms:
President Tinubu initiated major macroeconomic reforms, including the removal of fuel and electricity subsidies and foreign exchange market reform, leading to increased costs for individuals and businesses.
Protection of the Poor & Vulnerable:
Social Investment Programs have been restarted to support the poor through direct payments. The program aims to assist 75 million Nigerians, ensuring public trust through digital payment systems and collaboration with mobile network operators.
Sectoral Interventions:
– Introduction of CNG-fueled vehicles to reduce transportation costs significantly.
– Allocation of 100 billion Naira in consumer credit and the launch of the Nigerian Education Law Fund with 60 billion Naira to support students.
Support for Businesses:
– Grants and low-interest loans are being provided to small, medium, and large-scale industries.
– 50,000 Naira grants are given to 1 million nano industries across the country.
Financial Stability:
– Enhanced revenue collection has improved the government’s ability to meet domestic and international financial obligations without resorting to borrowing and the use of the Ways and Means account.
– Public funds are managed more transparently, ensuring direct payments to beneficiaries as mandated by President Tinubu 2024.
Expenditure and Accountability:
– Implementation of a direct payment system for capital expenditure to ensure accountability and efficient use of funds.
– Launch of the Incentives Monitoring & Evaluation Platform (IMEP) to prevent the misuse of tax incentives by blocking and limiting access to those who do not qualify for the incentives.
– Collaboration between monetary and fiscal authorities has stabilized the currency and increased foreign currency inflows.
– Strengthening the implementation of fiscal policies around the Import Duty Tax Incentive to boost key economic sectors and deliver more sustainable socio-economic impacts.
Infrastructure Development:
– The government has funded major infrastructure projects, including the Lagos to Calabar Superhighway, without borrowing.
– A fund has been established to support long-term infrastructure projects and low-interest mortgages for housing.
Support for States:
– States have benefited from additional funding due to fuel subsidy removal and international financial support.
– Improved international financial reputation, with positive ratings from Moody’s and Fitch, reflecting the success of President Tinubu’s economic policies.
Conclusion:
– The coordinated efforts between federal and state governments, along with international support, are driving Nigeria’s economic stability and growth under President Tinubu’s leadership.