The economy is experiencing significant turnaround driven by reforms in the fiscal and monetary sectors.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this while speaking with journalists at the end of the Federal Executive Council meeting chaired by President Bola Ahmed Tinubu.

Edun listed exchange rate stability, the correction of market distortions, and improved investors’ confidence as factors responsible for the economic recovery.

He said:” As at the second quarter, the economy was well and truly turned around in terms of growth. Growth was accelerating — over 4.2 percent — while inflation was down to 18 percent.”

The Minister declared that critical consumer spending indicators show that Nigerians are spending less of their income on essentials such as food, health, and transport unlike before.

“People are now spending about 50 percent of their income on basic needs compared to 90 percent before. There is more affordability, and the cost of living is inching downwards.”

Edun identified as a “major institutional achievement,” the recent delisting of Nigeria from the Financial Action Task Force (FATF) grey list as he noted that it has restored the country standing in the global financial community and lowers the cost of cross-border transactions.

He said this milestone, combined with the recent oversubscription of Nigeria’s $2.35 billion Eurobond offer, which attracted $13 billion in bids, reflects global confidence in the Tinubu administration’s economic reforms.

“Despite recent political headwinds, investors focused on the fundamentals of the Nigerian economy. We were prudent in our borrowing, not exceeding what was approved or budgeted. The oversubscription shows a resounding vote of confidence in Nigeria.”

The Minister of Finance also disclosed the approval of two major external loan facilities totalling $396 million to support critical humanitarian and health projects in Nigeria’s northern region.

According to him, the first facility, a $300 million World Bank credit, is to support internally displaced persons (IDPs) and host communities across several states in northern Nigeria.

The second approval is for a combined $96 million credit from the Islamic Development Bank (IsDB) and the African Development Bank (AfDB); $50 million and $46 million, respectively, for the Sokoto Health Infrastructure Project, to which the Sokoto State Government will also contribute counterpart funding.

“The $300 million World Bank credit is for internally displaced and host communities in various states in the North. The second approval is for the credit from the Islamic Development Bank and the African Development Bank for a total of $96 million to fund the Sokoto Health Infrastructure Project”, Edun explained.

Justifying the projects, the Finance Minister noted that they are critical to President Tinubu’s Renewed Hope Agenda, aimed at addressing regional disparities, improving access to healthcare, and rebuilding communities affected by conflict and displacement.

His counterpart in the Ministry of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, also announced FEC approval of the establishment of a Presidential Task Force on “Detty December”

Musawa told newsmen that the Task Force will coordinate federal ministries, departments, and agencies to support Lagos State and other participating states in delivering world-class festival experiences during the “Detty December” period — the popular month-long season of music, arts, and cultural celebrations.

“We have asked the President to establish a Presidential Task Force on Detty December that will allow all the different interdependencies — aviation, interior, power, and others — to provide the international community with a true destination for Detty December. It will also enable the federal government to support Lagos State and other hosts in maximizing the season’s economic and tourism potential.”

She noted that the initiative would serve as a catalyst for the creative and tourism industries, attracting private sector investment and branding Nigeria as a global cultural hub.

Another major approval, acording to the Tourism Minister, was the establishment of the Presidential Council on Tourism Promotion and Investment, to be chaired by President Tinubu, with the Minister of Arts, Culture, and Tourism serving as vice chair.

“This Council will build Nigeria’s positive global image, showing our unity and stability to the world. A secretariat will be established in our ministry to drive this agenda.”

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