On Wednesday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, expressed optimism that the upcoming nationwide protest will proceed peacefully and orderly. Edun conveyed this sentiment during a ministerial press briefing in Abuja, where he discussed President Bola Tinubu’s understanding of Nigerians’ hardships amidst global inflation trends.
Edun emphasized that the high cost of living is not unique to Nigeria but a global phenomenon exacerbated by the ongoing conflict between Russia and Ukraine. “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,” he said. “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.”
Addressing the nation’s economic situation, Edun noted that Nigeria has been in a state of recovery over the past 15 months. He highlighted that the current administration has moved away from the Central Bank of Nigeria (CBN) frequently servicing debts, marking a significant shift in economic management.
“Over the last 15 months or so, the economy has been turned around from the precipice,” Edun stated. “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’s remarks come as the nation braces for protests, with citizens voicing their frustrations over economic hardships. However, the minister’s assurances of a recovering economy and improved fiscal management aim to provide some reassurance amid the growing discontent.
