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FG mulls economic emergency plan to stabilise Nigerian economy

The federal government has disclosed plans to unveil an ‘economic emergency plan’, aimed to stabilise the nation’s economy and set it on path of continued growth.

Wale Edun, the minister of finance and coordinating minister of the economy disclosed this during the ministerial sectoral update briefing held in Abuja on Tuesday.

Read also:FG targets N2trn annual revenue from Blue economy sector by 2027

According to him, the plan which awaits the President’s approval, is in furtherance of his mandate to restore the Nigerian economy through macroeconomic reforms.

Speaking on the various intervention of the government under the Tinubu-led administration, Edun noted efforts to ensure protection of the poor and the vulnerable at a time of heightened cost.

“Mr President was committed to making sure nobody is left behind at a time of high inflation. So as we all know, as the chair of the presidential panel of social investment programs, the all-important direct payments to the poor, which is a veritable tool and the
sharpest tool you can have for attacking increased living standards, for helping people immediately.

“That program has been restarted.
It involves helping at least 75 million Nigerians, 15 million households, with payment of N75 million in the immediate term. And in order to make sure that the public trust is there in this process, we have a system that has been developed between the Minister
for Communications, Innovation and Digital Economy, the Minister for Health, the Minister for Youth, and so forth,” he said.

Read also:Nigeria needs to build reserves that will support $1trn economy – Teriba

FG’s revenue now totally revamp-Edun

Speaking further, the minister announced that the revenue base of the Federal government has been totally revamped, and strengthened to meet the obligations of the government.

“But we are now in a situation where the revenue of the Federal Republic of Nigeria has been totally revamped, rejuvenated, and increased substantially.

“What that means is that the government can now pay its way. The government is paying its debt service without resort to ways and means, particularly international debt service and the obligations domestically are being paid,” he said.

More details to follow…..