The Federal Government has allocated ₦16.1 billion to 22 manufacturing companies as part of the ₦75 billion earmarked to boost the real sector.
Additionally, ₦3.5 billion was distributed to 11,000 individuals within five days through the Consumer Credit Scheme, aimed at benefiting over 80 million Nigerians.
Furthermore, 25 million people have reportedly received assistance under the direct benefits transfer initiative.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun made this disclosure over the weekend during the Citizens and Stakeholders Engagement on the Fourth Quarter of 2024 Presidential Priorities and Ministerial Deliverables, in Abuja.
The Minister stated that Nigeria must invest at least $20 billion annually to achieve a 6.3% economic growth rate by 2027. He underscored the urgency of these investments in driving economic growth and supporting infrastructural development.
He underscored the urgency of these investments in driving economic growth and supporting infrastructural development.
He noted that an additional $20 billion annually is needed to achieve an average economic growth rate of 6.3% in the medium term.
Edun said, “We need significantly more growth. An additional $20 billion is the target we need for social infrastructure to facilitate logistics for agriculture.”
The Minister emphasized that the government would primarily depend on increased revenue to achieve this ambitious target, highlighting the importance of a robust tax revenue framework.
He noted that sustainable economic growth relies on the successful implementation of this strategy.
“To achieve this target and grow the economy, the government can only secure the funds from revenue. Tax revenue needs to be increased to reach the desired level,” Edun said.
