Nigeria Remained on Course Towards Economic Stability

Okon Bassey in Uyo

As economic hardship bite harder on the citizens, the federal government has said it could increase cash transfers to 12 million vulnerable Nigerians.

The Finance Minister, who is also the Coordinating Minister for the Economy, Wale Edun, stated this yesterday in Uyo, Akwa Ibom State, at a retreat for management staff of the ministry and heads of parastatals under the ministry.

The minister stressed that the transfers, which was temporarily halted, would soon return after necessary reviews and adjustments.

The minister maintained that Nigeria remained on course towards economic stability, pointing out that the present forex challenges and inflation were the inevitable effects of efforts to stabilise the economy.

According to him, “We are working hard to ensure that the finances of the country which used to be in few hands at the detriment of other Nigerians is reversed. Such corrective actions are long overdue.”

Edun said the Central Bank  of Nigeria (CBN) and the federal government have continued to work on reducing and stabilising the exchange rate while over 60,000 metric tons of grains have been released to drive down the cost of food items.

The federal government, the minister said, remained  committed to using financial engineering and increased revenue generation to fight the current inflation, adding that a new method of direct payment of unconditional transfers to vulnerable Nigerians would ensure increased transparency and effectiveness.

He called for unity of purpose among all the MDAs responsible for the economy, and expressed hope that the fight against economic instability and hardship would eventually be won.

Also, the state Governor, Umo Eno, in a remark expressed confidence in the capacity and ability of the minister to reverse the downward plunge of the naira and the economic hardship faced by the people.

 He said: “The retreat is timely due to the current economic realities. I therefore urge you not to fail the president. Nigerians are also looking up to you to fix the economy, recreate a vibrant middle class and make the economy less import dependent,” Eno, who was represented by his Deputy, Senator Akon Eyakenyi, said.

The governor said the state would continue to strengthen and expand its investment on strategic ventures and projects in agriculture, aviation, energy, health and education aimed at building a good foundation for the economic prosperity of the area.