During a recent Question & Answer Session with members of the House of Representatives, Finance Minister Olawale Edun delivered insights into Nigeria’s economic trajectory, highlighting significant improvements since May 29, 2023.
Edun emphasized that Nigeria’s current economic position represents a marked improvement compared to the past, characterized by wasteful and unsustainable expenditure.
Acknowledging the challenges inherent in steering the nation away from its previous economic path, the minister assured that bold measures implemented under President Tinubu’s leadership would yield tangible results in due course.
Among the notable achievements highlighted by Edun was a substantial reduction in petrol consumption, amounting to approximately 20 million litres, signaling enhanced efficiency and resource management within the energy sector.
Furthermore, the government’s proactive stance against pipeline vandalism has contributed to a notable increase in oil production, with daily output now reaching 1.65 million barrels, a positive indicator for the country’s oil-dependent economy.
Addressing concerns surrounding the rising cost of living, Edun reassured the public of forthcoming palliative measures aimed at alleviating financial burdens on citizens, reflecting the government’s commitment to enhancing welfare and mitigating economic hardships.
In line with efforts to bolster domestic revenue streams, the minister emphasized a strategic shift towards prioritizing domestic resource mobilization, underlining the government’s commitment to fostering economic self-sufficiency and resilience.
Moreover, Edun highlighted significant progress in reducing the budget deficit, signaling a pivotal moment in Nigeria’s fiscal management strategy.