Edun: Economic reforms aimed at protecting poor, vulnerable

…outlines social protection as experts urge capital reforms
Barbara Bako, Abuja.

The Minister of Finance, Wale Edun, has assured Nigerians that the Federal Government’s economic reforms are designed to ease current hardships and ensure their benefits reach the poor and vulnerable.

Speaking at the Oxford Global Think Tank Leadership Conference on Tuesday in Abuja, Edun said the Tinubu administration is balancing fiscal stability with social protection measures to support citizens most affected by inflation and rising costs.

He explained that a transparent, digital system has been created to deliver direct payments to 15 million households across the country.

“Each individual beneficiary is identified by name and their national identity number, and payments are made digitally—either directly to their bank accounts or mobile wallets,” he said, adding that the process enables real-time monitoring and accountability.

The minister noted that data would soon be released showing the names of beneficiaries who have received the first, second, and third tranches of the payments.

Beyond cash transfers, Edun said government has introduced a ward-based development programme to channel resources and funding directly to the 8,809 wards in Nigeria’s 774 local government areas.

“The initiative will empower economically active people at the ward level—supporting small businesses, cottage industries, and local entrepreneurs to boost production and create sustainable livelihoods,” he stated.

He stressed that the ultimate goal of the reforms is to stabilise the economy while ensuring that growth and opportunities “reach right down to the lowest levels of society.”

At the same event, former Director-General of the Securities and Exchange Commission (SEC) and Founder of the Oxford Global Think Tank, Ms. Arunma Oteh, called for urgent mobilisation of long-term capital and greater investment in infrastructure to drive sustainable growth.

Oteh, a former Vice President at the World Bank, said Nigeria’s economic potential can only be realised if the country attracts “reasonably priced, long-term, patient capital” for public and private sector projects.

She observed that Nigeria invests only 4–5 per cent of its GDP in infrastructure compared to China’s 24 per cent, urging that the figure be raised to at least 12 per cent to close the infrastructure gap.

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Oteh also urged the decentralisation of the solid minerals sector to enable states to develop and benefit from their natural resources. “Why are minerals still on the exclusive legislative list? We should decentralise the sector so that each state can develop and benefit from its natural resources,” she said.

She commended ongoing reforms by the SEC and the Finance Ministry to strengthen the capital market but urged both institutions to scale up efforts to provide affordable financing for small businesses and large-scale public works.

Former Central Bank Governor and Emir of Kano, Sanusi Lamido Sanusi, in his remarks, blamed Nigeria’s prolonged hardship on the delayed removal of fuel subsidy, describing it as “bankruptcy by policy.”

He explained that the arrangement forced the government to borrow heavily to fund subsidies and pay interest on loans, warning that postponing reform had worsened inflationary pressures.

Sanusi commended the current Central Bank Governor, Olayemi Cardoso, for restoring policy stability, saying, “The central bank’s role is not to create growth or employment but to provide stability and an environment conducive to growth—and I believe the current leadership has made progress in that regard.”