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The CBN had said it plans to double the diasporas’ remittance through a steady flow of foreign exchange into the country. According to Edun, the macroeconomic reforms of the President Bola Tinubu administration have begun yielding fruits.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s foreign reserves have grown by USD 4 Billion since January.
Edun said this recently in Lagos, at an investor meeting for the issuance of a USD 500 million FGN bond. He said that the aggregate Federal Government revenue had more than doubled
He said that the implementation of robust fiscal policies and reforms aimed at enhancing revenue collection efficiency across various sectors was responsible for the improvement. According to data from the Central Bank of Nigeria (CBN), the external reserves reached 35.05 billion dollars as of July.
The CBN had said it plans to double the diasporas’ remittance through a steady flow of foreign exchange into the country. According to Edun, the macroeconomic reforms of the President Bola Tinubu administration have begun yielding fruits.
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He said that targeted interventions are being implemented across the country. He said that small-scale businesses were getting funds at an interest rate of nine per cent per annum. The minister said that the ₦70,000 minimum wage and wage adjustment for certain categories of government workers on the consolidated salary structure would soon be implemented.
