Exchange Rate Stabilizing Amid Optimistic Outlook – Minister

The Federal Government has said progress is being made with the economy and the exchange rate is stabilising.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said this while briefing State House Correspondents at the end of Council of State meeting, on Tuesday.

Edun said the meeting presented an opportunity to update council members on the economy.

“We gave them update on how far progress has been made in terms of the macroeconomic policies being followed under the leadership of President Bola Ahmed Tinubu, and these policies are anchored in his eight priority areas and the results to date have been very encouraging.”

“We looked at the data, or we reported on the evidence and the data of this half year for which data was available, compared to the first quarter and the second quarter of 2023. And in broad terms, the economy is growing.

“The balance of payments, in particular, the trade balance and a current account balance are in surplus. The exchange rate is stabilizing, and inflation, though high, uncomfortably high for the liking of Mr President and his team, it is slowing and it is set to fall.”

On his part, Chairman of the Governors’ Forum and Governor of Kwara State, Abdulrahman AbdulRazaq, said the Council also passed a vote of Confidence on President Bola Tinubu.

He disclosed that after the Council of State meeting, the Governors also met with the President in an Executive session where another vote of confidence was passed on him.

He said, “Council members, especially those of the Nigerian governor’s forum, were satisfied with the presentation by the members of the Federal Executive Council, and after that meeting, there was an executive session between members of the Nigerian governor’s forum and Mr President, and Frank and fruitful discussions were held between both parties.

“I’m glad to say we’re on the right track. And to say in the same vein, members of the NGF also, like the members of the Council of State, passed a vote of confidence on Mr President. We also wish him well and pray for God, guidance for him.”