The Traffic

_"Nigeria's Economic Reforms: Government Exits Ways and Means Borrowing, Subsidy Removed"_

The Nigerian government has made significant strides in its economic reforms, exiting Ways and Means borrowing and technically removing fuel subsidy, according to the Minister of Finance. The government has also surpassed its Half Year revenue target by 30% and is on track to record a budget deficit of about 4% in the 2024 fiscal year.

The Minister disclosed that the federal government would float a $500 million Bond in the next four weeks to attract Diaspora Nigerians and enable Nigerians with funds abroad to bring their funds home for investment.

Additionally, the government has resumed Cash Transfers to 15 million households, providing direct monetary support to 75 million people to help cope with the high cost of living.

The Minister acknowledged that the reform policies may have created immediate difficulties for the people but assured that Nigerians would benefit from the expected outcomes of the reforms.

The government is also working to implement the Supreme Court judgment on direct payment of federation allocations to Local Government Councils, despite some practical impediments.