The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria's increased revenue for the 2024 fiscal year will be strategically allocated to various social intervention programs.
During a panel session at the 30th Nigeria Economic Summit in Abuja, Edun revealed that the government’s social investment program is designed to benefit 60% of the poorest population, targeting 20 million individuals.
He outlined a comprehensive economic reform agenda focused on reducing inflation, creating jobs, and stimulating growth in key sectors.
However, President Bola Tinubu in his address on October 1, 2024, reported that government revenue for the first half of the year exceeded N9.1 trillion, more than double the N4.06 trillion generated during the same period in 2023.
Edun emphasized that this revenue increase is primarily funding social programs aimed at alleviating the impact of necessary reforms that have raised living costs.
“In terms of revenue, we focused on domestic resource mobilization,” Edun stated. He noted that technology has played a crucial role in doubling revenue by improving compliance and streamlining processes within government agencies.
The minister also highlighted ongoing investments in agriculture, manufacturing, oil, and housing as essential drivers of economic growth. He explained that the government is prioritizing food production to combat inflation and improve accessibility for Nigerians.
Additionally, Edun discussed initiatives such as direct cash transfers to support 4 million households, with plans to expand this to 15 million households.
He also mentioned significant investments in the oil sector, attracting over $10 million from ExxonMobil and other industry players.
World Bank Country Director for Nigeria, Ndiamé Diop, acknowledged the revenue increase and projected an improvement in Nigeria’s revenue-to-GDP ratio by year-end.
He cautioned that without continued fiscal reforms, Nigeria could face a fiscal crisis due to its substantial debt levels.