Tinubu’s Reforms Stopped The Bleeding That Was Costing 5% Of Nigeria’s GDP Every Year — Wale Edun

The Federal Government has lauded President Bola Tinubu’s economic reforms, stating they have established a robust foundation for local investments, industrialisation, and poverty alleviation.

Speaking at the 2024 National Council on Finance and Economic Development conference held at the Dr. Sulaimanu Adamu Square in Bauchi on Monday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the transformative impact of the administration’s policies.

Edun affirmed that Nigeria now operates within a more stable and sustainable macroeconomic framework conducive to investor confidence.

He expressed gratitude to Bauchi State Governor Bala Mohammed for hosting the conference, emphasizing the importance of fostering dialogue to build trust and collaboration.

“What transpires in this formal conference is very important because conversations will take place that will clarify matters and build trust and confidence among individuals.

“It is vital to understand each other’s situations, financial and economic needs, available resources, and the skills and specialisations on the ground,” Edun remarked.

He acknowledged the assets and liabilities inherited by the Tinubu administration but emphasized its unwavering focus on stabilising the economy and attracting both domestic and foreign investments.

Edun further stated, “President Bola Tinubu’s administration inherited both the assets and liabilities, but there was no looking back. The focus was on charting a forward path, making plans to first stabilise the economy.

“Then, we sought to attract investments from both domestic and foreign private-sector investors to increase Nigeria’s productivity, grow the economy, create jobs, and, of course, lift a large number of people out of poverty.

“When we look at where we are now, essentially, the major macroeconomic reforms are in place.

“The President has stopped the bleeding that was costing 5 per cent of the country’s GDP every year. This was adding no value except to a few individuals and neighbouring countries benefiting from the fuel subsidy and related foreign exchange subsidy.

“These benefits were reserved for just a few, while the mass of Nigerians saw no advantages from these structures.”

He noted that the removal of these subsidies has redirected resources to the federation account, enabling increased investments in infrastructure, education, and healthcare at federal, state, and local levels.

According to Edun, these reforms have cleared the path for private-sector-led industrialisation, particularly in the petroleum refining sector.

“The path is now clear for private-sector investors, and as we know, we are back in business on the road to industrialisation, particularly with what is happening in the petroleum refining sector. Crude oil is no longer just shipped abroad; it is being refined locally to produce petroleum products and raw materials for industry.

“We should be encouraged that we now have a more stable, sustainable macroeconomic environment that is investor-friendly and will enable them to produce competitively for the domestic market, as well as for export,” he said.

The minister concluded by reassuring Nigerians of the administration’s commitment to fostering an investor-friendly environment that supports competitive production for domestic and international markets.

Bauchi Governor Commends Collaboration

In his address, Governor Bala Mohammed expressed pride in Bauchi hosting the conference 17 years after its last stint.

He underscored the importance of collaboration in tackling Nigeria’s economic challenges and commended participants for their dedication.

“It is a privilege and highlights the importance of collaboration in addressing the economic challenges and opportunities before us. Seventeen years ago, Bauchi State hosted the same conference, which was widely regarded as successful and impactful.”

“This year, I assure you that we have spared no effort to ensure that this gathering surpasses expectations. Your presence is a testament to your commitment to advancing Nigeria’s financial and economic landscape,” Mohammed said.

He urged participants to engage constructively and contribute ideas that will benefit Nigerians across the board.