Nigeria Requires 7 Percent GDP Growth to Lift Poor People - Edun

Minister of Finance and Coordinating Minister of the Economy, Olawale Edun says Nigeria needs to achieve at least seven per cent economic growth annually to significantly improve the lives of its poorest and most vulnerable citizens.

Edun spoke on Tuesday at a high-level policy dialogue on local government fiscal autonomy, convened in Abuja by Agora Policy.

The event was in collaboration with the Centre for Fiscal Transparency and Integrity Watch (CeFTiP), TheCable, and the MacArthur Foundation.

He said, "Stabilising the economy, reducing inflation, and improving the lives of Nigerians at the grassroots is at the core of the current government's agenda."

He however noted that "To really help the poorest and most vulnerable, we need to be doing around 7% per annum."

Edun also underscored the significance of local government fiscal autonomy in delivering on development goals.

He said the Supreme Court's landmark judgment mandating democratically elected local governments to directly access their funds is a pivotal moment in Nigeria's decentralisation journey.

"It is the collaboration, professional determination, and willingness of all to achieve success that will be paramount in ensuring that we achieve what those Justices of the Supreme Court have laid down for us," Edun said.

On her part, Chairman, board of directors at Agora Policy, Ojobo Ode Atuluku said Nigeria must go beyond legal pronouncements to dismantle entrenched patronage systems, reform electoral processes, and rebuild local councils into transparent, accountable, citizen-driven institutions.

"If we are truly committed to restoring the promise of local democracy, then we must pursue a roots-and-branch reform of our local governance system," Atuluku said.

She announced the forthcoming launch of the Local Governance Accountability (LGA) Portal, an online platform to track FAAC allocations, elected LGA officials, and local government profiles since 1999.

"It will be a powerful tool for a genuine local governance systems development," she said.

Read the original article on Daily Trust.