LAGOS, Nigeria (VOICE OF NAIJA)-The Ministry of Finance has on Tuesday, May 27, released its performance report for the first quarter of 2024.
During the presentation in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the Nigerian economy is experiencing a positive growth rate of 2.99 percent, surpassing the 2.3 percent growth recorded in the first quarter of 2023.
This presentation coincided with the one-year mark of President Bola Tinubu’s administration.
Edun noted that this increase in economic growth highlights the success of President Bola Tinubu’s economic strategy.
Edun highlighted that agriculture, a vital sector of the economy, is experiencing modest growth.
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He emphasized that this sector’s advancement is anticipated to have a substantial impact on curbing inflation, particularly with the favorable wet season harvest expected to stabilize food prices. The government aims to mitigate one of the major inflationary pressures by effectively managing the food price index.
He said: “This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun explained. “By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.”
Revenue collection has also seen significant improvements, according to Edun.
This improved revenue generation has allowed the government to repay its debts without relying on the Central Bank’s Ways and Means advances, a practice that had raised concerns about fiscal discipline and inflation in the past.
The finance minister stressed that these encouraging economic signs demonstrate the current administration’s dedication to sustainable economic growth and fiscal responsibility. The government intends to sustain this momentum to guarantee long-term economic stability and prosperity for all Nigerians.
More details to follow…