The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun says President Bola Tinubu is charting a way to move a lot of Nigerians out of poverty.
He stated this in Bauchi on Monday, during the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED)’s conference.
Edun said that the president is leaving no stone unturned in order to ensure that life is made easy for Nigerians by coming up with policies and programmes that would be beneficial to all.
“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.
“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 said.
The Minister assured Nigerians that the road was clear for private sector investors and that the country was back in the business on the road to industrialisation based on what is happening in the petroleum refining sector.
He said that crude oil was not just being shipped abroad but being refined locally to give petroleum products and raw materials for industry.
The minister urged all Nigerians to be encouraged that the country now had a more stable, sustainable macro economic environment that was friendly to investors.
This, he said, would make it possible not only for them to produce competitively for the domestic market but also to export.
He appreciated all the organisers of the conference for all the efforts put in place to make the consequence a reality and also thanked Gov. Bala Mohammed for his hospitality and warm welcome to all the delegates that turned up at the conference.
Also, the Bauchi state governor said that hosting the event was a privilege and had proven the importance of collaboration in addressing the economic challenges and opportunities before the country.
He said that the state government spared no efforts to ensure that the event surpasses expectations.
“Your presence is a testament to your commitment to advancing Nigeria’s financial and economic landscape.
“I urge all the participants to contribute constructively to the benefit of all Nigerians,” he advised.
The News Agency of Nigeria (NAN) reports that the theme of the conference is: “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development.”
(NAN)