The Nigerian Federal Government has expressed appreciation to citizens for their resilience amid economic reforms that are now beginning to yield benefits.
This gratitude was conveyed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during an interactive session with the Senate Committee on Finance. Edun assured that the toughest phase of reforms is over, with positive indicators already surfacing and promising improved economic conditions.
Key reforms include adjustments to the market-based price of Premium Motor Spirit (PMS) and unification of exchange rates, aimed at promoting fiscal sustainability and economic stability. The government unified the Central Bank’s multiple exchange rates, allowing a market-driven rate and clearing verified foreign exchange backlogs. Additionally, gasoline prices were adjusted, phasing out a costly subsidy that drained over ₦8.6 trillion ($22.2 billion) from 2019 to 2022.
To mitigate the impact of these changes on vulnerable citizens, the government launched a cash transfer program providing 15 million households with ₦75,000 for three months. These measures are expected to enhance fiscal stability and resource allocation for public services. The World Bank has supported these efforts with a new $2.25 billion financing package.
