The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Friday gave an insight into how the Federal Government plans to solve the issue of economic hardship in the country.
It would be recalled that the cost of living in the country has risen, sparking protests in some parts of the country, since the declaration of an end to fuel subsidy and the floating of the naira.
Speaking on the development, Edun noted that President Bola Tinubu’s government anticipated a rise in the cost of food and other essential items owing to the reforms, adding that the Federal Government is working to alleviate the hardship, especially for the poor and vulnerable.
The minister also re-echoed the Federal Government’s plan to provide grains to help cushion the rising cost of food items.
He said, “What I think is important to say at this time is that food prices in particular are elevated and we all know why.”
“It is part of the generally expected rise in inflation as the macroeconomic measures, as the reform measures, the corrective measures to put the economy on a straight path take effect,” he added.
He said the Federal Government is working to alleviate the hardship, especially for the poor and vulnerable.
“But I think the important thing to point out, at this time, is that the focus of Mr President is on keeping his promise, particularly to the poor and the vulnerable.”
“Food prices are elevated, and the purchasing power is limited and that is what Mr President is speaking directly to through the intervention programme of direct payments of N75,000 each over three months,” he said.
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