Federal government has expressed concern over the current economic crunch hitting Nigerians, saying some 60,000 metric tonnes of grains have been released and more cash lifeline targeting 12 million vulnerable Nigerians.
The minister of finance, Wale Edun, who also oversees coordinating minister of the economy, made this known yesterday in Uyo, the Akwa Ibom state at a retreat for management staff of the ministry and heads of parastatals under the ministry, explained that the transfers which was temporarily halted would soon return after necessary reviews and adjustments.
He maintained that Nigeria remained on course towards economic stability, pointing out that the present forex challenges and inflation were the inevitable effects of efforts to stabilize the economy.
“We are working hard to ensure that the finances of the nation which used to be in few hands to the detriment of other Nigerians is reversed. Such corrective actions are long overdue,” he assured.
Edun said the Central Bank of Nigeria (CBN) and the federal government have continued to work on reducing and stabilizing the exchange rate, while over 60,000 metric tonnes of grains have been released to drive down the cost of food items.
The minister said the government remained committed to using financial engineering and increased revenue generation to fight the current inflation, adding that a new method of direct payment of unconditional cash transfers to vulnerable Nigerians would ensure increased transparency and effectiveness.
He called for unity of purpose amongst all the Ministries, Departments and Agencies (MDAs) responsible for the economy, and expressed hope that the fight against economic instability and hardship would eventually be won.
In his remarks, Governor Umo Eno of Akwa Ibom, who was represented by his deputy, Senator Akon Eyakenyi expressed his confidence in the capacity and ability of Edun, to reverse the downward plunge of the Naira and the economic hardship faced by the people.
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