During a ministerial press briefing in Abuja, Edun conveyed that President Bola Tinubu is acutely aware of the challenges faced by Nigerians, particularly the rising inflation, which is a global issue affecting many countries, including Nigeria.
On Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, expressed confidence that the upcoming nationwide protest would be peaceful and orderly.
Edun highlighted that the high cost of living is not unique to Nigeria but a worldwide phenomenon worsened by ongoing conflicts, such as the war between Russia and Ukraine.
He stated, “The President truly understands the concerns being expressed, particularly the high and elevated cost of living which is not peculiar to Nigeria at this stage with wars in Ukraine, Gaza, and Sudan.
“There is disruption around the world, and there has not even been a full recovery from Covid.
“So inflation is high around the world, and costs are high around the world. With our import dependency for raw materials, we too are feeling the effect. However, inflation is falling around the world and in Nigeria.”
While providing an update on Nigeria’s economic status, Edun mentioned that the country has been in a state of recovery over the past 15 months.
He noted that the current administration has moved away from the practice of relying on the Central Bank of Nigeria (CBN) to service debt, which was not sustainable.
“Over the last 15 months or so, the economy has been turned around from the precipice. We have come from a situation where the nation was living in debt.
“Every time there was a bill to be paid, it was not paid from revenue or investment funding but it had to be paid from debt, particularly from the Central Bank, and of course, that was not sustainable.
“That is no longer the case. The revenue of Nigeria has doubled compared to the first half of 2023, the 2024 revenue of the Federal Government has doubled and is expected to maintain that trajectory,” Edun added.
Edun’s optimistic outlook aims to reassure the public that the government is taking steps to address these economic challenges, hoping that the civil protest remains peaceful.
