Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, explains that President Bola Tinubu is systematically charting a way to move millions of Nigerians out of poverty.
The Minister who stated this in Bauchi State during the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED)’s conference, said that the President is leaving no stone unturned to ensure that life is made easy for Nigerians by coming up with policies and programmes that are beneficial to every citizen.
“President Tinubu’s administration inherited assets and liabilities and there is no looking back but it’s a question of charting a way of looking forward and making plans in order to first of all stabilise the economy.
“He is working hard to get investments through private sector investors both domestically and foreign direct investors to increase the productivity of Nigeria, grow the economy, create jobs and of course move a large number of people out of poverty,” Edun noted.
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“When you try to look at where we are now, essentially, the major macro economic reforms are in place. He has stopped the bleeding that was costing five per cent of the GDP of the country every year that was adding no value except to a few people and neighbouring countries that were benefiting from what was happening with the fuel subsidy and as well, a related foreign exchange subsidy.
“The benefits were saved for just a few and a mass of Nigerians were not getting any benefits from those structures. They have been removed and the federation account will benefit from increased flow of resources to the federal, states and local governments and so much more can be done in terms of investing not just in infrastructure but in social services like education and health,” he added.
The Finance Minister assured Nigerians that the road was clear for private sector investors as the country was back in the business on the road to industrialisation based on what is happening in the petroleum refining sector.
He explained that crude oil was not just being shipped abroad but being refined locally to give petroleum products and raw materials for industry.
The Minister therefore urged all Nigerians to be encouraged that the country now had a more stable, sustainable macro economic environment that is friendly to investors.
According to him, this would make it possible not only for them to produce competitively for the domestic market but also to export.
He appreciated the organisers of the conference for the efforts and Governor Bala Mohammed for his hospitality and warm welcome to all the delegates that turned up at the conference.
