President Bola Ahmed Tinubu has encouraged Nigerians to be patient as his administration’s economic reforms kick in. Promising a brighter and more prosperous future for the nation.
Tinubu said this at the 16th Edition of the LEADERSHIP Annual Conference and Awards, where he was honored as the ‘Person of the Year’.
During the event, Tinubu, represented by the Minister of Information and National Orientation, Mohammed Idris Malagi, gave a powerful speech. He emphasized that although the journey towards a stronger and more stable economy might have its fair share of challenges, Nigeria is definitely on the right track to achieving long-lasting economic success through 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.
He mentioned that the removal of fuel subsidies, which was a bit controversial, has actually resulted in substantial savings and increased government revenue.
Tinubu highlighted how these financial benefits are being utilized to fund important social and economic support programs, like negotiations for a new minimum wage.
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.
Tinubu expressed his confidence in Nigeria’s improving economic landscape, emphasizing that these achievements are clear evidence that our economy is not in distress, but rather undergoing a transformation.
Tinubu also urged the Nigerian media to strike a balance in their reporting by highlighting both the current challenges and the promising future ahead.
