The Nigerian economy is experiencing a positive growth rate of 2.99 percent surpassing the 2.3 percent growth seen in the first quarter of 2023.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun made this known during the presentation of his ministry’s performance, one year into the administration of President Bola Tinubu in Abuja on Tuesday, May 27.
This improvement in economic growth, Edun said highlights the effectiveness of President Bola Tinubu’s economic strategy.
Edun noted that agriculture, a critical sector of the economy, is showing marginal growth. This sector’s progress is expected to play a significant role in combating inflation, especially through a favourable wet season harvest that should stabilize food prices. By managing the food price index effectively, the government aims to alleviate one of the major pressure points on inflation.
He said: “This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun explained. “By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.”
Revenue collection has also seen significant improvements, according to Edun.
This enhanced revenue generation has enabled the government to service its debts without resorting to the Central Bank’s Ways and Means advances, a practice that has previously been a cause for concern regarding fiscal discipline and inflation.
The finance minister emphasized that these positive economic indicators reflect the current administration’s commitment to sustainable economic growth and fiscal responsibility. The government plans to maintain this momentum to ensure long-term economic stability and prosperity for all Nigerians.
Details shortly…
