President Bola Ahmed Tinubu has urged Nigerians to remain patient as his administration’s economic reforms begin to take effect, promising a more stable and prosperous future for the nation. Speaking at the 16th Edition of LEADERSHIP Annual Conference and Awards where he was honored as ‘Person of the Year’, Tinubu, represented by the Minister of Information and National Orientation, Mohammed Idris Malagi, argued that while the path to a more robust and stable economy may be fraught with challenges, Nigeria is on course to achieving lasting economic success with the government’s reforms. He went on to address the audience with a bold statement about the country’s economic health, emphasizing that while the times are difficult, they present unique opportunities to build a more sustainable economy. According to Tinubu, the controversial removal of fuel subsidies has led to significant savings and increased government revenue, poised to positively impact Nigerians. He stressed the benefits this has brought to the nation’s finances, including funding various social and economic support programs, such as a new minimum wage, with negotiations already underway.
Furthermore, Tinubu announced the approval of a N200bn disbursement through three new special integration funds aimed at supporting Nigerian businesses, education, and vulnerable households.
The President explained the range of beneficiaries, from traders to transport workers. The second and third funds, totaling N150bn, are designed to assist small and medium-sized enterprises and manufacturing businesses, respectively.
In the education sector, Tinubu mentioned a federal student loan program that will soon offer interest-free financing to students in tertiary institutions and vocational skill programs.
Tinubu highlighted a N100bn investment in a Compressed Natural Gas (CNG) initiative to reduce transportation costs and a 100 billion Naira allocation for the National Agricultural Development Fund to bolster the agricultural sector. The President pointed to positive economic indicators, such as the $30 billion in foreign direct investments attracted to Nigeria and the significant GDP growth recorded in the last quarter of 2023.
While signaling confidence in Nigeria’s improving economic landscape, Tinubu stressed that these achievements are evidence that Nigeria’s economy is not in distress but is instead undergoing transformation. He urged the Nigerian media to balance their reporting by focusing on both the current challenges and the bright future ahead.
He said, “I should start by respectfully challenging the notion that Nigeria’s economy is indeed facing challenges. Describing our situation as ‘distress’ suggests helplessness and being at the mercy of forces beyond our control. However, that is not the case. We are certainly in challenging times, but these times are also marked by unprecedented opportunities to reassess costs and build a new, sustainable economy, moving away from the rent-seeking and wasteful practices that were once commonplace.
“The Leadership Group, as you yourself have alluded to, has made difficult but necessary decisions. Since the removal of fuel subsidies, our petrol imports have halved, saving about a billion liters according to the Nigerian Bureau of Statistics. Moreover, revenues accruing to the federal, state, and local governments have grown by 50 to 100% since the subsidy removal. This increased revenue means more funds are available to directly impact Nigerians’ lives through investments in critical infrastructure, social security, and other areas. Vanguard
