By Abimbola Ogunnaike
President Bola Tinubu has dismissed with wave of hands that the Nigerian economy is in distress, just as he also highlighted the progress his administration has made so far.
The President, who stated this while speaking at the Leadership Conference and Awards, 2023, in Abuja on Tuesday, 5 March, 2024, added that there are plenty of opportunities and development in the economy of the country.
Represented by the Minister of Information and National Orientation, Mohammed Idris, the Tinubu shared key initiatives and investment efforts by the administration to support Nigerian businesses, students, and vulnerable households, as well as to enhance food security and attract foreign direct investment.
“I should start by respectfully challenging that notion that the Nigerian economy is in distress. Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.
“We are in challenging times, no doubt, but these times have also been marked by unprecedented opportunities, to reset course and to build a new and sustainable economy, away from the rent-seeking and the waste that was once the order of the day,” he said.
Tinubu disclosed that intervention funds totaling N200 billion have been set aside to support Nigerian businesses; in addition to a new Federal Students’ Loan program and the Presidential Initiative on CNG. The N200 Billion Naira, according to the President, will be disbursed through three (3) new special intervention funds established to support Nigerian businesses.
On the Presidential Initiative on CNG, the President noted the “imminent rollout of these CNG-powered buses which will bring down the cost of transportation by as much as 50 percent.”
Tinubualso highlighted the substantial increase in revenues accruing to the three tiers of Government since the removal of the petrol subsidy.
“This means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas,” he said.
Other efforts of the Federal Government, aimed at bringing economic relief to Nigerians, include the commencement of negotiations, between the Federal and State Governments and Organized Labour, for a new minimum wage for the country; and the scaling-up of the social investment programme.
“For the poorest and most vulnerable among us, the Social Investment Programme, currently under review to reposition it for maximum impact, will support millions of households with direct cash transfers that will enable them to meet their basic needs,” Tinubu said.
