President Bola Tinubu’s administration is intensifying efforts to lift millions of Nigerians out of poverty through targeted reforms and investments, Finance Minister Wale Edun said on Monday.
Speaking at the opening of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, Edun emphasized the government’s focus on attracting private sector investments to drive economic growth, create jobs, and enhance productivity.
“President Tinubu is leaving no stone unturned to improve the lives of Nigerians through policies and programs that benefit everyone,” Edun stated. He highlighted that the administration inherited significant economic challenges but has implemented decisive reforms to stabilize the economy and create opportunities for millions.
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One of the key measures includes the removal of fuel and foreign exchange subsidies, which previously cost Nigeria an estimated 5% of its GDP annually. Edun explained that these subsidies primarily benefited a few individuals and neighboring countries while failing to improve the lives of most Nigerians. “Their removal has redirected resources to federal, state, and local governments, allowing increased investments in critical sectors like infrastructure, education, and healthcare,” he said.
The Tinubu administration aims to leverage these resources to create a more stable and sustainable macroeconomic environment. This approach is expected to attract both domestic and foreign investors, particularly in the industrial sector. According to Edun, Nigeria’s push towards local crude oil refining will not only meet domestic petroleum needs but also provide raw materials for industries, fostering economic diversification and export competitiveness.
Collaboration among stakeholders is vital to achieving these goals, Edun noted. Bauchi State Governor Bala Mohammed, who also spoke at the conference, underscored the importance of partnerships in addressing Nigeria’s economic challenges. “This event demonstrates the commitment of stakeholders to advancing Nigeria’s financial and economic landscape. I urge all participants to contribute meaningfully for the benefit of all Nigerians,” Mohammed said.
The theme of the NACOFED conference, “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development,” reflects the government’s resolve to navigate the nation through economic difficulties. The conference also serves as a platform for discussing innovative strategies to achieve fiscal sustainability and long-term development goals.
As part of its poverty reduction agenda, the Tinubu administration has approved the construction of 1,000 housing units in states affected by insecurity, including Sokoto, Kebbi, Katsina, Zamfara, Kaduna, Niger, and Benue. These efforts align with the president’s broader vision of transforming Nigeria’s economy into a $1 trillion powerhouse by 2026 and $3 trillion by 2030.
Edun’s remarks signal a determined government response to Nigeria’s pressing economic challenges, with a focus on inclusive growth and long-term prosperity.
