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FG issues fresh economic update ahead of nationwide protest

The Finance and Coordinating Minister of the Economy, Wale Edun, assured that the burden of reforms would not fall on the poorest, citing measures.

Minister of Finance, Wale Edun and President Bola Tinubu.

Edun reassured the public that peaceful and orderly protests are respected, highlighting concerns about maintaining the economic momentum achieved over the past 15 months.

"President Tinubu is a democrat to the core. He believes in federalism, freedom of speech, and human rights," Edun stated.

Speaking at a press briefing in Abuja attended by Pulse on Wednesday, July 31, he acknowledged the high cost of living but stressed that this issue is global, impacted by wars in Ukraine, Gaza, and Sudan, and the lingering effects of COVID-19.

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Edun highlighted significant economic progress, noting, "The economy has been turned around and saved from the precipice."

He credited the diligent application of technology and new processes for doubling the federal government's revenue compared to the first half of 2023.

"Costs are now under control, spending is visible and accountable, and the money of Nigerians is being well spent," he added.

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Addressing food prices, Edun pointed to growth in agriculture, industry, and ICT technology.

He emphasised that the reforms, though initially raising costs, are beginning to show benefits.

"Agriculture, which was negative, has started growing again," he remarked.

Edun assured that the burden of reforms would not fall on the poorest, citing measures to support agriculture, small and large industries, and direct payments to households.

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He mentioned ongoing efforts to provide financing at 9% for transportation costs and the rollout of CNG buses.

The minister appealed for patience and cooperation, stating, "We need to give ourselves this golden opportunity to take Nigeria forward. We need to be patient with each other, listen to each other, and support efforts to lead us into a better future."

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