Nigeria raised foreign reserves by $4bn since January – Wale Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said on Thursday the Federal Government has raised the country’s foreign reserves by $4 billion since January.

The minister stated this at an investor meeting for the issuance of a $500 million Federal Government bond in Lagos.

He said the aggregate federal government’s revenue had doubled.

Edun said the implementation of robust fiscal policies and reforms aimed at enhancing revenue collection efficiency across various sectors was responsible for the growth of the nation’s foreign reserves.

Nigeria’s foreign reserves reached $35.05 billion in July, according to data released by the Central Bank of Nigeria (CBN) at the time.

READ ALSO: Tinubu celebrates $5 Million boost to foreign reserves through National Gold Programme

The minister pointed out that the economic reforms of President Bola Tinubu’s administration have started yielding fruits.

He said targeted interventions were being implemented across the country.

“In macroeconomic reforms, the pains come first before the benefits. There have been interventions that gave direct payments to individuals.

“The process was difficult at first, but with technology and determination, it has been increased.

“Last month, a million households representing five million people received their payments. That will be maintained and increased,” the minister stated.

He said small-scale businesses were getting funds at an interest rate of nine percent per annum.

Edun told the gathering that the N70,000 minimum wage and wage adjustment for certain categories of government workers on the consolidated salary structure would soon be implemented.

“The minimum wage is a law, and it is just about following the law. Fiscal autonomy for Local Government Councils is also an aspect that the law deals with,” he concluded.

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