Nigeria's Minister of Finance, Wale Edun, says the country needs to grow its economy by at least 7% each year to truly improve the lives of its poorest citizens. Speaking at a policy event in Abuja, Edun explained that President Bola Tinubu's government has already started key reforms to stabilise the economy and is now focused on reducing inflation, increasing revenue, and boosting growth.
One major development is the recent Supreme Court ruling, which gives local governments more financial control. Edun said this change will help bring development closer to the people by allowing local councils to manage their own funds and make decisions that meet community needs.
The federal government is also launching projects like a national nutrition programme and improved internet access across all 774 local government areas to help support growth at the grassroots level.
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Victor Muruako, head of the Fiscal Responsibility Commission, urged local governments to manage their finances wisely and be transparent. He warned that while local councils can now borrow money for development, they must follow proper rules to avoid debt problems.
Ojobo Ode Atuluku of Agora Policy called for deeper reforms in local government, including better elections and more accountability. She also announced a new online tool, the Local Governance Accountability Portal, which will help citizens track how much money local governments receive and how it's spent.
The goal is to make local government more open, effective, and helpful to the people it serves.
