Nigeria increases foreign reserves by $4 billion since January – Wale Edun

Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, said on Thursday that the Federal Government has increased the country’s foreign exchange reserves by $4 billion since January.

The minister stated this at an investors’ meeting for the issuance of $500 million Federal Government bonds in Lagos.

He said the federal government’s aggregate revenues had doubled.

Edun said the implementation of strong fiscal policies and reforms aimed at improving the efficiency of revenue collection in various sectors were responsible for the growth of the country’s foreign exchange reserves.

Nigeria’s foreign exchange reserves stood at $35.05 billion in July, according to data released by the Central Bank of Nigeria (CBN) at the time.

The minister pointed out that the economic reforms of President Bola Tinubu’s administration had begun to bear fruit.

He said targeted interventions were being implemented across the country.

“In macroeconomic reform, the pain comes before the benefits. There are interventions that provide direct payments to individuals.

“The process was difficult at first, but with technology and determination, the process has improved.

“Last month, one million households representing five million people received payments. That number will be maintained and increased,” the minister said.

He said small businesses get funding at nine percent interest per year.

Edun told the meeting participants that the minimum wage of N70,000 and wage adjustments for certain categories of government employees in the consolidated salary structure would be implemented soon.

“Minimum wage is a law, and it is just about obeying the law. Fiscal autonomy for the Regional Government Council is also an aspect regulated by law,” he concluded.

Nigeria increases forex reserves by $4 billion since January – Wale Edun first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.