Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday, laid out comprehensive measures being implemented by the Federal Government to ensure that the gains of macroeconomic reforms substantially impact Nigerians.
Edun, who spoke at Oxford Global Think Tank Leadership Conference in Abuja, said the government’s reforms were being implemented with a clear focus on easing the hardship faced by citizens, particularly the poor and vulnerable.
He said while many Nigerians are struggling with impact of rising food and transport costs, the government is already rolling out targeted interventions to cushion these effects.
According to him, the government has established a transparent, accountable, and robust system for providing direct payments to 15 million households in Nigeria.
‘Each individual beneficiary is identified by name and their National Identity Number, and payments are made digitally-either directly to their bank accounts or mobile wallets,’ Edun said.
He explained that the digital payment approach ensures real-time monitoring, transparency, and accountability in the disbursement process.
Addressing concerns that some communities have not yet benefited, Edun said data showing the names of beneficiaries, who have received the first, second, and third tranches of payments, would soon be made public.
He added that beyond cash transfers, the government has introduced a ward-based development programme to deliver resources, information, and funding directly to Nigeria’s 8,809 wards in the 774 local governments.
He said: ‘The initiative will empower economically active people at the ward level-supporting small businesses, cottage industries, and local entrepreneurs to boost production and create sustainable livelihoods’.
According to him, the reform agenda is not only designed to stabilise the economy but also to ensure that its benefits reach right down to the lowest levels of society.
He described the ward-based initiative as a people-centred intervention that brings governance closer to the grassroots.
‘Our goal is to build an inclusive economy where every Nigerian feels the positive impact of reforms,’ Edun said.
On youth involvement, Edun lauded Nigerian youths for demonstrating values, such as empathy, integrity, and responsibility, which are essential qualities for the next generation of national leaders.
He also lauded the organisers of the conference for promoting dialogue on leadership and national development.
Former Director General of Securities and Exchange Commission (SEC) and Founder of Oxford Global Think Tank, Ms. Arunma Oteh, called for urgent and coordinated efforts to mobilise long-term capital, accelerate infrastructure development, and reform the management of Nigeria’s mineral resources to drive sustainable growth.
Oteh, a former vice president at the World Bank, said Nigeria’s economy would remain constrained until it attracts ‘reasonably priced, long-term, patient capital’ to finance government and private sector projects.
She noted that Nigeria’s infrastructure deficit remains a major obstacle to growth, saying while China invests about 24 per cent of its GDP in infrastructure, Nigeria invests only four to five per cent.
She said: ‘If we want to bridge our infrastructure gap, we must increase that investment to at least 12 per cent of GDP’.
Oteh praised some of the government’s initiatives to attract investment but urged the Central Bank of Nigeria (CBN) and Ministry of Finance to scale up their efforts.
‘Small businesses need affordable financing, and the government needs to expand its capacity to invest in roads, power, and logistics to move goods to markets,’ Oteh said.
She further called for diversification of Nigeria’s economy through its mineral sector, stressing that the country possesses at least 40 commercially viable minerals that remain largely untapped.
She said: ‘Why are we not exporting these 40 minerals in commercial quantities? Why are minerals still on the exclusive legislative list? We should decentralise the sector so that each state can develop and benefit from its natural resources. That is how to expand our revenue base and create jobs’.
She said the Oxford Global Project would soon publish a special report, titled: Reforming Africa’s Mineral Sector to Prosper Africa, reflecting renewed international interest in harnessing the continent’s resource potential.
She also spoke on qualities required for Nigeria’s transformation.
She said: ‘Our grandparents taught us that leadership is about values – doing the right thing even when it’s hard. If we have that kind of leadership, the next generation will take Nigeria to greater heights.
‘We all need to put our hands on deck- government, business, and citizens- to invest in our nation and create opportunities for everyone’.
Emir of Kano, Muhammad Sanusi II, described the country’s economic challenges as the cumulative consequence of delaying key reforms, particularly removal of petrol subsidy.
According to him, the decision to remove the subsidy was ‘not just an economic choice but a necessary correction to an unsustainable policy.’
He said: ‘If you pay N65 per litre and suddenly begin to pay N160, of course there will be hardship. The duty of leadership is to recognise that there will be costs and to mitigate them-not to avoid reform entirely’
The emir explained that Nigeria’s former subsidy structure operated as a ‘hedge’, not a true subsidy.
‘The government told 200 million Nigerians they would not pay more than a fixed amount per litre no matter what happened to oil prices or exchange rates. When oil went from $40 to $140, the government paid the difference. When the naira depreciated from N155 to N300, the government paid the difference. That was not a subsidy; it was the worst form of derivative-an open-ended hedge,’ he said.
He said this approach eventually led Nigeria into ‘borrowing money not just to pay subsidies but also to service the interest on those loans,’ describing it as ‘bankruptcy by policy.’
Reflecting on his 2012 warnings against delay in removing fuel subsidy, the former CBN governor remarked: ‘If we had removed it then, inflation would have risen slightly – from 11 to about 13 per cent – and stabilised. Now, we are facing inflation above 30 per cent. This is the cost of delay.’
He lauded the CBN Governor, Olayemi Cardoso, for steering the bank toward stability.
He said: ‘The Central Bank’s role is not to create growth or employment but to provide stability and an environment conducive to growth – and I believe the leadership has made progress in that regard’.