$4BN BOOST: Nigeria’s Foreign Exchange Reserves Surge Since January

Wale Edun, Minister of Finance and Deputy Minister of Economy said Nigeria’s foreign exchange reserves have increased by $4 billion since January.
Edun said this at an investor’s conference on the $500 million FGN bond issuance in Lagos on Thursday.
He said total revenues for the Federal Government have doubled.
The minister attributed the improvement to strong fiscal policies and the implementation of reforms aimed at more efficient revenue collection in various sectors.

The News Agency of Nigeria (NAN) reported that foreign exchange reserves hit $35.05 billion in July, according to data from the Central Bank of Nigeria (CBN). The CBN announced it would double remittances to the diaspora through a steady inflow of foreign currency into the country.
Edun said the macroeconomic reforms of President Bola Tinubu’s government were already bearing fruit.
He said targeted measures had been implemented across the country.
“In macroeconomic reforms, the pain comes before the benefits. There have been interventions that gave direct payments to individuals.

“The process was difficult at first, but with technology and determination, it has been increased.
“Last month, a million households representing five million people received their payments. That will be maintained and increased,” he said.
He said small and medium-sized enterprises are receiving funds at an annual interest rate of nine percent.
The minister said a minimum wage of 70,000 naira and wage adjustment for certain categories of civil servants to the consolidated salary structure will be implemented soon.
“The minimum wage is a law, and it is just about following the law. Fiscal autonomy for Local Government Councils is also an aspect that the law deals with,” he said.