DAILY POST
President Bola Tinubu has announced that Nigeria’s economy is gradually making a rebound, attributing the progress to sustained reforms being implemented by his administration across various sectors.
The President stated this in Yenagoa, Bayelsa State on Thursday in his keynote address at the opening ceremony of the All Nigerian Editors Conference.
Speaking through the Minister of Information and National Orientation, Mohammed Idris, Tinubu stated that he has spent the past eighteen months establishing the groundwork for his vision of a prosperous Nigeria.
“I am pleased to let you know that through our sustained reforms, we are witnessing our economy gradually making a rebound on the most important foundational level. Today, our debt service to revenue ratio has come down drastically from almost 100% to about 65%.
“The last eighteen months have been spent laying the foundation for this compelling vision of a prosperous Nigeria. That is what the Renewed Hope Agenda is all about – rekindling the faith and hope of all Nigerians in the ability of their country to flourish and to in turn provide an environment that allows everyone in it to flourish just as much.
“But we realise that there are some major obstacles standing in the way of the full unleashing of Nigeria’s abundant potentials. And we have spent time and energy and focus boldly tackling these.
“Two of the most significant are very well known to you: a ruinous fuel subsidy regime that deprived us of billions of dollars annually that could be going into investments in critical physical and social infrastructure, and a foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse. Like the fuel subsidy, another needless drain on our limited national resources, and a cap on our ability as a nation to reach full potential,” he said.
He stated that, as a result of the reforms, revenue for all three tiers of government – Federal, State, and Local – has grown significantly, which has enabled greater investment in social services, infrastructure development, and social security.
The President noted that the Supreme Court’s decision to grant local government autonomy, following a suit filed by the Federal Government, was aimed at strengthening governance at the local level and fostering grassroots development.
LAddressing the theme of the conference, “Economic Growth and Development Strategies in a Resource-Rich Country,” President Tinubu stated that the longstanding question of how Nigeria can transform its vast resources into meaningful growth and development has driven his vision for a nation that fulfills its potential.
He emphasized his commitment to a Nigeria where no citizen is left behind in poverty or disease and that commands respect on the global stage.
“A new minimum wage of N70,000 has taken off across all federal government establishments, with many of the state governments committing to implementing same. Over 46,000 students are benefiting from the Nigerian Education Loan Fund across 59 tertiary institutions with a disbursement of over N5 billion. The first batch of 500,000 civil servants is set to become beneficiaries of the Consumer Credit Scheme with the release of N100 billion.
“While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth. The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources to bring down the high cost of transportation by about 60% and also foster a clean and healthy environment for our citizens. This initiative has unlocked close to $200 million in private sector investments in the last one year,” he said.
