Edun: Tinubu’s Economic Reforms Have Stopped The Bleeding of Nigeria By A Few

—-Says economy is on path of recovery and poverty is being addressed

From Paul Orude Bauchi

The major macro-economic reforms by the President Bola Tinubu’s administration has stopped the bleeding that was costing five per cent of the Gross Domestic Products of Nigeria.

Minister of Finance and Coordinating Minister of the Economy, Dr. Wale Edun, disclosed this at the opening ceremony of the National Council on Finance and Economic Development (NACOFED) 2024 conference held in Bauchi.

Edun said before the reforms by the Tinubu’s administration, only a few people and countries 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,” he stated,

He was optimistic that the federal government is charting a sustainable pathway to move a lot of Nigerians out of poverty through the current reforms.

The minister believed that the ongoing reforms by would unlock Nigeria’s economic potential and take people out of poverty.

Edun said the key policy changes of the Tinubu-led administration have helped to stabilize the economy and created opportunities for investment and development.

“When you try to look at where we are now, essentially, 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, health,” he argued.

According to him, 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.

He assured private investors that the Nigeria economy is now stable and better suited for local production and export growth.

“President Bola Tinubu’s administration inherited assets and the liabilities and there was no looking back but it’s a question of charting a way of looking forward and making plans in order to first of all stabilize the economy,” he said further.

“Then 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.

“The road is clear for private sector investors and as we know, we are now back in business on the road to industrialization based on what is happening in the petroleum refining sector”

He added that the measures put in place have set the country on a sustainable path toward industrialization and poverty reduction.

He explained that the administration inherited significant economic challenges but wasted no time in addressing them.

 Edun added that critical reforms, such as the removal of fuel and foreign exchange subsidies, were implemented to halt an annual economic drain of 5.0 percent of GDP.

“These subsidies were benefiting only a few people and neighboring countries, while the majority of Nigerians saw no value from them,” Edun said.

He said savings from the reforms are now being channeled into infrastructure development and essential social services like education and healthcare.

 He said: “The federation account is already benefiting from increased resource flows to federal, state, and local governments, enabling broader investment opportunities”.

He highlighted efforts to attract private sector investments, both domestic and foreign, to boost productivity and create jobs.

Edun commended the progress in local petroleum refining, describing it as a significant step in reducing crude exports while providing raw materials for industrial use.

“The road is clear for private sector investors. We now have a more stable, sustainable macroeconomic environment that supports competitive production for the domestic market and export opportunities,” Edun said.

In his remark, the host governor, Senator Bala Mohammed described the conference as   historic and a privilege and proof of the importance of collaboration in addressing the economic challenges and opportunities before the country.

“17 years ago, Bauchi state hosted the same conference which was widely regarded as successful and impactful,” he said

“This year, I assure you that we have spared no efforts to ensure that this gathering surpasses expectations.

“Your presence is a testament to your commitment to advancing Nigeria’s financial and economic landscape”

Mohammed  urged all the participants to contribute constructively to the benefit of all Nigerians

The Bauchi State Governor appreciated the federal government’s decision to host the event in Bauchi.

He also commended Edun’s efforts in addressing Nigeria’s macroeconomic challenges affecting the lives of ordinary Nigerians.

He urged the federal government to implement more effective strategies to optimise the oil and gas sector for the benefit of the mass