₦airaland Forum

The Minister of finance and coordinating minister of the economy, Wale Edun, has said the government acknowledges the pain the current reforms of government have inflicted on Nigerians, while stating that the reforms are necessary for growth and development of the economy.

Edun stated this while speaking on a panel session at the ongoing Nigeria Economic Summit on ‘Fiscal reforms for secure future’.



He recalled that on June 23 last year, Nigeria had already seen fallen oil revenues and increased budget deficit that was almost 6 per cent of GDP which was no longer sustainable, hence the need for the federal government to take some hard decisions.


“First, was to remove subsidy, unify the FX market and start domestic revenue mobilization and by the first half of this year, aggregate revenue was doubled through application of technology.


“Secondly, rather than waiting for compliance, we look at how MDAs were allowed to spend and the percentage of the surplus that accrued to government and we deduct automatically. Another new innovation we have introduced is that we now have approval for MDAs procurement payment to be made directly to third party, thereby boosting transparency in the running of governance,” the minister explained.

Speaking on what the government is doing with funds it saved from subsidy removal, he said: “Government had to undertake necessary but painful policies that are currently having impact on cost-of-living industries and individuals.

“However, these funds are reinvested in agriculture as stakeholder farmers have so far been given inputs and over 20 million people from four million households have been empowered and it will rise to 15 million.

“Also, we have set up an education loan fund (NELFUND) and so far we have processed 250,000 applications and 30 per cent students are already funded. We also have the consumer credit scheme that is providing Nigerians with the funding they require to improve their lives. Thus, these reforms have saved the country 5 per cent of GDP,” he further stated.

Also speaking, the World Bank Country Director for Nigeria, Ndiamé Diop, said “for every reform to be conducted by Nigeria, the need to increase revenue is very important, so if revenue is low, debt will be increasing because in 2022, Nigeria spent 6 per cent of GDP for debt services.”

He added that “So far, Nigeria’s revenues have increased significantly, and it is not surprising because of FX unification.

“I want to also announce that last year, when we benchmarked Nigeria’s revenue to GDP; it was among the least five because the figure was very low. But surprisingly, it has now improved from 7.6 per cent to 10.5 per cent,” the minister stated.


https://dailytrust.com/our-reforms-painful-but-necessary-for-growth-finance-minister/#google_vignette

blacknp:
See You Roberto Carlos, you done already dey predict your future?

Not at all

Your future is exactly what I just stated and it's a statement of fact and you can't do anything about it. It is what it is

blacknp:
But na you dey wail profusely for the last 9 years on Nairaland

Nine years

While your frustrations, anger and bitterness is still thy kingdom come

Laughable

blacknp:
Like you are presently frustrated & angry right now abi Roberto Carlos?

blacknp, you are irredeemably bitter and frustrated

RealityOfReason:
Tinubu is the reason why people crowd around distressed Petro convoys to scoop Petro (energy theft)? This practice has been in Nigeria since God knows when. The real problem of this country is that mugus like you are politicizing the rot that we both know transcends politics. We have a people problem - moral decadence which affects the way we treat ourselves and public resources. We have structural/institutional problems which means that the so called union (constitution) and the union symbols such as INEC, Federalism, etc, are not what they should be. We have a civilization problem with people still believing there is something called money ritual where a spirit being will give you physical cash. Aptly, our problems are multifaceted and should be tackled systematically, each with the fitting solution. But Mugus like you will scream the name of whoever or whichever party is in power and think you've made sense.

RealityofReason, like I stated earlier, you don't reason realistically.

Tinubu is a criminal. He stole the common wealth of Lagosians for over two decades and counting; today, as president, he steals, grabs, and snatches the common wealth of Nigerians, subjecting them to poverty, which now makes them crowd around fallen petrol tankers to scoop fuel. Leading to their untimely but unavoidable deaths

Ikaeniyan0:
Tinubu will rule Nigeria till may 29 2031, Shettima will continue from where he stop

While you remain frustrated and angry through out

RealityOfReason:
The only thing stimulating content in your Brain is Tinubu. I wonder if you are intellectually capable of holding discussion without making reference to him. This is beyond obsession, it's something else

Your Monika says, RealityofReason, but unfortunately and regrettably, you don't reason realistically. In fact, you lack the capacity to reason, because if you do, you will know that Tinubu is president, and as president, his actions and inactions are the reason we have loss of lives and properties of this magnitude.

Ikaeniyan0:
PDP will never give the presidential ticket to obi, they will lose the election scandalously. Obi will never become the president of Nigeria

Peter Obi is not responsible for your frustrations and anger

Tinubu is responsible for it kindly channel your frustrations and anger appropriently

Tinubu refused to forgive FFK for this statement even after working for him during the last general elections

The number of lives and properties lost under this calamitous Tinubu regime is unquantifiable, not even in a war time have we lost this number of lives. 
Tinubu is cursed.

Ikaeniyan0:
If Obi like, he should donate his kidneys and eyes, he will never become the president of Nigeria.

If you also like, continue to remain frustrated and angry. It has absolutely nothing to do with Peter Obi because he is not responsible for it

Anambra amaka

Ikaeniyan0:
The most important thing is that, obi will never become the president of Nigeria.

And the most important thing is that you are frustrated and angry

Ikaeniyan0:
At the end of the day, Obi will never become the president of Nigeria.

At the end of the day you remain frustrated and angry

Ikaeniyan0:
Peter obi will never become the president of Nigeria.

You are not the first person to say it and won't be the last. 
 
But making such a comment on a thread like this shows one thing. Frustration and anger.

You are obviously frustrated and angry.

Channel your frustrations and anger appropriately. 
 
Peter Obi has no hand in it. He is a private citizen going about his personal life and doing good.

Tinubu's calamitous economic policies are responsible for your frustrations, pains, anguish and strife

Ikaeniyan0:
At the end of the day, he will still lose in 2027

Peter Obi is not responsible for your frustrations. He has no hand in it. Tinubu's calamitous economic reforms are responsible for it. Kindly channel your frustrations and anger appropriately.

GeneralPula:
Nah dem Emeka full there..

See dem acting as if their Agulu fraud’s kids will live for forever..

Nothing dey your head

Increasing the pump price of petrol from #185 per litre to over #1,200 per litre with the accompanying ever increasing transportation cost and high inflation rate is what these foolish and incompetent people are describing as reforms.

Inflicting premium pains, untold hardships on Nigerians is reforms under the Tinubu and shettima APC administration.

Thunder 🔥 Tinubu and shettima

Salewa97:
The message is clear.

Let the youths stay away from any form of protest or demonstration.

The issues at stake would be resolved without any chaos

The message is clear.

Tinubu is an epitome of hopelessness

T-Pain, APC is the worst regime in the history of this country

tundegan:
Tinubu is a man that gets it.

His commitment to women empowerment is commendable and I pray he continues to champion their cause.

God bless Nigerian women. God bless Nigeria.

It has been said and proven that Tinubu's paid agents, BATerians are the most unreasonable and senseless set of homosapiens to have ever emerge on the surface of the earth

yyba:
And yet he didn't win kogi state they are just jubilating because they have seen mugu to cash out 🤣

Tell T-Pain to try out the below suggestions

Tallesty1:
Any day Tinubu finds himself in the midst of angry protesters like this will be the day all our current problems will end.

Muztaz:
He died a peacemaker, God will judge him accordingly. Rest in peace.

"Blessed are the peacemakers, because they will be called sons of God” (Matt. 5:9).

Anither563:
Awesome!

What is awesome?

This should be regarded as one of the biggest achievement of this T-Pain administration

T-Pain reforms are beginning to manifest