Nigerian official addressing economic strategies to stabilize the Naira during a formal meeting.
The incoming Minister of Finance – working with parliament – must now deal with the aftermath of the now-withdrawn Finance Bill 2024. Deep cuts in spending are already before parliament in a supplementary bill that will be considered in a climate of shrinking tax revenues.The new treasury secretary, as the finance minister is known in Kenya, could respond in two ways. First, he could find innovative and creative ways of raising tax revenue and creating new jobs. This might calm the Gen-Z storm. Second is cutting government expenditure, which could trigger job losses and provoke more protests. This is accentuated by the feeling that current economic reforms including new or enhanced taxes are imposed by “outsiders”.