Hyper-inflation and low GDP per capita in the country will end soon – Minister of Finance, Wale Edun
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has said that Nigerians should expect significant improvements in the overall economic performance of the country.
Edun who gave the promise after the National Bureau of Statistics (NBS) indicated that the unemployment rate reduced from 5.3 per cent in the fourth quarter of 2022 to 4.1 per cent in the first quarter of 2023, said ongoing government initiatives would put an end to hyperinflation and a decade-long decline in Gross Domestic Product (GDP) per capita.
In his speech at a retreat for the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja, Edun said the era of GDP per capita falling by 30 per cent over the past 10 years is over with the president’s ‘Renewed Hope Agenda’. He stated that the issue of “hyper-inflation in the nation’s economy would soon be a thing of the past”.
Edun promised that the current administration will “create jobs, reduce poverty, control micro and macroeconomic policies, attract investors, stabilize the exchange rate and drive the economy to reduce poverty to the lowest level”.
He further averred that although the removal of fuel subsidy has slowed down the economy, interventions have been put in place to cushion the pains of reform and correct subsidy leakages. He reminded members of the Presidential Committee on Fiscal Policy and Tax Reforms of Tinubu’s 30-day deadline to deliver something tangible on their assignment, urging them to fast-track their assignment as there’s no time to waste.
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