Tinubu’s Government Reveals Strategies to Reduce Inflation and Boost Economy

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has recently announced the government’s plans to tackle inflation and improve the Nigerian economy.

At a meeting with investors during the Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington DC, Edun discussed the strategies that the government, under President Bola Ahmed Tinubu, will implement to bring down inflation, stabilize the exchange rate, and support economic growth.

One of the key strategies involves the collaboration between the fiscal and monetary authorities to manage liquidity in the system.

The government plans to reduce excess money in circulation by addressing Ways and Means, which should help in bringing down inflation and stabilizing the exchange rate.

This move is aimed at enabling investors to access affordable borrowing rates and promoting economic growth.

In addition, the government intends to reduce its reliance on borrowing and focus on domestic resource mobilization.

By streamlining the tax system and implementing reforms, the government aims to double tax revenue in the next three years.

The current tax-to-GDP ratio of 10 percent is considered too low, and the government plans to use technology to improve tax collection efficiency and reduce the number of taxes, making the system more efficient and effective.

The administration’s approach to economic management also includes a focus on long-term resources to avoid repayment and refinancing pressures.

By implementing these measures, the government aims to create a more stable and prosperous economic environment for Nigeria.

As the government moves forward with these strategies, it is expected that the Nigerian economy will experience improvements in various sectors, ultimately benefiting the population and fostering sustainable growth.