The Federal Government has disclosed plans to introduce a mass savings scheme aimed at reducing reliance on borrowing and expanding domestic investment.
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‎The Minister of Finance, Wale Edun, revealed this on Tuesday, during a panel session at the launch of the Nigeria Development Update by the World Bank in Abuja.
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‎He noted that the initiative would enable citizens across income levels invest and earn returns while supporting economic growth.
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‎According to him, alternative funding options would play a larger role going forward, especially as the Federal government sought to crowd in private capital.
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‎Edun added that the initiative aligned with broader reforms aimed at strengthening public finances, including improved revenue tracking and expenditure control.
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‎Meanwhile, the Central Bank of Nigeria (CBN) has announced considering the recapitalisation and restructuring of Development Finance Institutions (DFIs) to address the major financing gap in micro, small, and medium-sized enterprises (MSMEs).
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‎It follows a recent review by the apex bank showing that existing DFIs are too small to meet the credit needs of businesses.
Edited by Favour Owonibi.