Abuja: Nigeria’s Minister of Finance, Wale Edun, has announced that the resources available to the government for addressing critical social needs and infrastructure development have increased. This disclosure came during his address to State House Correspondents in Abuja.
According to Voice of Nigeria, the Minister attributed the increase in resources to the President Bola Ahmed Tinubu administration’s initiative on the purchase of crude oil. Edun explained that by having local refineries pay for crude in Naira and sell petroleum products in Naira, the government has established a platform for market pricing of petroleum products and foreign exchange. This change has resulted in immediate gains of around N700 billion per month, starting from October, which is now included in the Federation Account.
The Finance Minister further shared that 25 million Nigerians have benefited from the life improvement programme. The initiative includes a Wage Award, a new minimum wage, and direct transfers to individuals on
a verified social register. Payments are made digitally to beneficiaries, reaching 5 million households, with the aim of helping them address their priorities.
Additionally, Edun highlighted the impact of the Consumer Credit Scheme and the Student Loan Scheme. The Consumer Credit Scheme has aided 11,000 beneficiaries with N3.5 billion, allowing workers to afford goods over time. The Student Loan Scheme, providing interest-free loans, has reached over half a million students and disbursed over N90 billion for fees and upkeep, facilitating access to higher education.