At the 30th Nigeria Economic Summit, Finance Minister Wale Edun announced that the government aims to use its increased revenue to support 20 million Nigerians through social intervention programs. The country recorded over N9.1 trillion in revenue during the first quarter of 2024, more than double the N4.06 trillion generated in the same period last year. These funds are intended to cushion the effects of essential reforms impacting the cost of living.
The social programs will focus on providing direct cash transfers, reaching 60% of the poorest population across the country. So far, 4 million households have benefited, with the goal of expanding support to 15 million households. Edun attributed the revenue boost to the government’s use of technology, improved oil production, and macroeconomic reforms expected to save 5% of the GDP.
Additionally, Edun highlighted the government’s efforts to tackle inflation by enhancing agricultural productivity. To support this, Nigeria is partnering with the African Development Bank (AfDB) to establish agricultural processing zones, which will supply raw materials to domestic industries. World Bank Country Director Ndiamé Diop commended the revenue growth and noted that the reforms are vital for stabilizing Nigeria’s economy and reducing fiscal deficits.