Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the increase in revenue recorded in the 2024 fiscal year will be strategically allocated to various social intervention programs to improve citizens’ living standards and address pressing societal needs, Cyber Reporters report.
According to the minister, the social investment project aims to reach 20 million people or 60% of the poorest.
He also unveiled a comprehensive economic reform program designed to decrease inflation, create jobs, and promote growth in critical sectors of the economy.
Speaking at a panel session titled ‘Fiscal Reforms for a More Secure Future’ at the 30th Nigeria Economic Summit in Abuja on Tuesday, Edun stated that the increased revenue is primarily being used to fund social programs aimed at mitigating the impact of necessary but difficult reforms that have raised the cost of living.
He said, “In terms of revenue, the number one place to look was inwards, domestic resource mobilization. That’s where the government started. By the first half of this year, revenue had doubled.
“Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly.
“The social investment programme is spearheaded by direct transfers to reach 60 per cent poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government.
