President Tinubu clarified that the Nigerian economy is not in distress, but rather facing challenging times.
President Asiwaju Bola Ahmed Tinubu dismissed the widespread assumption of Nigeria’s economy being in distress. He a,ddressed attendees at the Leadership conference and awards in Abuja, represented by Minister of Information and National Orientation Mohammed Idris. Tinubu emphasized that the country is experiencing challenging times but highlighted “unprecedented opportunities to reset” the economy.
He noted his administration’s bold decisions aimed at steering Nigeria towards economic prosperity, including the allocation of N200 billion to support Nigerian businesses, the student loan scheme, and the compressed natural gas (CNG) vehicles initiative.
Tinubu stated, “I respectfully challenge the notion that the Nigerian economy is in distress.” He emphasized that while facing challenges, there are also opportunities to reshape the economy towards sustainability, away from previous practices of rent-seeking and waste.
The president highlighted that since the removal of the petrol subsidy, funds allocated to all three tiers of government have increased.
We are in challenging times, no doubt.
“We are undoubtedly facing challenging times, but amidst these challenges lie unprecedented opportunities to reshape our economy, moving away from past practices of rent-seeking and wastefulness.
Since the removal of the petrol subsidy, funds allocated to the three tiers of government have increased,” stated the president.
“For the most disadvantaged members of our society, the social investment programme, currently undergoing review for enhanced effectiveness, will provide direct cash transfers to millions of households, enabling them to meet their basic needs,” he added.
“Since taking office in May 2023, we have attracted $30 billion in foreign direct investment (FDI) commitments into vital sectors such as manufacturing, telecoms, healthcare, oil & gas, among others. These investments are already materializing, as evidenced by recent developments. During a recent official visit to Qatar, the Emir assured me that a senior government delegation would visit Nigeria after Ramadan to initiate action on some of the new investments they are considering here.”
In recent months, the prices of food and essential commodities have surged, leading to protests in various parts of the country. Concurrently, the value of the naira is depreciating in the foreign exchange market.
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